Palm Oil Prices Face Headwinds both Technically and Fundamentally

Crude palm oil prices edged lower this past week, and appears to be forming a toping pattern. The fundamental backdrop includes Large South American harvests, growing stockpiles and benevolent weather in key global growing regions. While the recent increase and decline below resistance seen near the 20-week moving average at 39, appears to be benign, some might view this price action as the right…