Palm Oil Continues to Tumble but Prices are Oversold

Soft exports and imports in China and increased volatility in the commodity space has weighed on crude palm oil prices, pushing them through multi-year lows.  Reports of improving crop conditions for Canadian canola fields also weighed on the market.  Soybean prices made a fresh contract low, which weighed on soybean oil and spilled over into CPO.

The technicals on CPO…