Palm Oil Rallies Following Surprise Draw in Malaysian Stocks
Vegetable oil prices were mixed on Wednesday, with bullish data from the Malaysian Palm Oil Board driving palm oil prices while a massive sell-off in the oilseed complex weighed on soybean oil futures. Volatile energy prices during U.S. trading hours ultimately limited the decline in soybean oil futures, but the moves still narrowed the spread between soybean oil and palm oil contracts.
The spread between the May soybean oil and palm oil contracts fell back below 10 cents but still settled at 9.87 cents after testing the nine-cent level during the U.S. session. The July spread dropped to 11.47 cents. The MPOB data could signal a change in the recent trend in the spreads, with lower-than-expected production in February likely lowering expectations for palm oil stocks in the coming months.
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