Palm Oil Prices Plummet on Falling Exports, Soy Oil Rebounds

Palm Oil Prices Plummet on Falling Exports, Soy Oil Rebounds

Palm Oil Prices Plummet on Falling Exports, Soy Oil Rebounds

Edible oil prices ended mixed on Wednesday, as benchmark palm oil futures plunged more than four percent while soybean oil futures recovered some ground after their recent sell-down. Soybean oil prices reversed early follow-through losses and turned higher after data from the National Oilseed Processors Association (NOPA) showed processors crushed a smaller-than-expected volume of soybeans in November. NOPA’s members, which represents about 95 percent of U.S. soybean crushers, processed 179.462 million bushels last month, down 2 1/2 percent from October and one percent on the year. This was the first time since June that NOPA reported a monthly decline in crush, and the figure was below the average 181.5 million bushels expected by the market. NOPA also reported U.S. soybean oil stocks were down slightly in November to 1.832 billion pounds, from 1.835 billion pounds in October.

Falling…

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