Palm Oil is Breaking Out, and Poised to Test Higher Levels

Palm oil prices are moving higher on Thursday breaking out above resistance as competing oil from soybeans surge.  The vegetable oil complex was buoyed following news that the USDA pegs net soybean sales for the week ended Oct 26 at nearly 2M metric tons, beating analyst expectations, showing robust demand. Industry forecast on palm oil production, exports and inventories, are to be released by the…