Palm Oil Edges Up, Soy Oil Falls on Equities Sell-Off

Edible oil prices were mixed on Monday, as U.S. soybean oil futures shrugged off marginal gains in palm oil markets that were driven by a weaker ringgit and worries of tightening world vegetable oil stocks. However, the uptick in the palm oil market was pared by the end of the session amid concerns that for the first 20 days of July exports likely declined. Benchmark palm oil futures settled about 3/5 percent higher (September contract +27 ringgit per tonne), while contracts at the back end of the forward curve saw much smaller gains (January 2022 contract +8 ringgit per tonne) due to ongoing bull spreading.  This week, cargo surveyors are expected to release export data for July 1-20 that could show palm oil shipments decreased by about seven percent from the same period a month ago. The Malaysian markets will be closed on Tuesday, July 20 for a public holiday.

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