Palm Oil Rises on Jump in Soy Oil, Signs of Weak Malaysia Output

Bloomberg08-08

(Bloomberg) -- Palm oil climbed as rival soybean oil rebounded in Chicago, while an estimate of lower output in parts of second-largest producer Malaysia also helped support prices. The recent jump in...

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Still, futures of soybean oil, palm’s closest substitute for food and fuel, resumed a decline after closing at 2.3% higher on Wednesday in Chicago.There are expectations that US domestic consumption for soybean oil may rise after a probe on imported used cooking oil for renewable fuels is completed, Hameed said.Adding support to palm oil is an estimate of weak production for early August in Malaysia, Hameed said. Output in the nation’s southern peninsula dropped 27% during the first five days of this month compared to the same period in July, he said, citing figures from the Southern Peninsular Palm Oil Millers Association.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4112":"金融交易所和数据","BSMAF":"Bursa Malaysia Bhd"},"translate_title":"棕榈油因豆油上涨和马来西亚产量疲软的迹象而上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BSMAF":0.9},"content_text":"(Bloomberg) -- Palm oil climbed as rival soybean oil rebounded in Chicago, while an estimate of lower output in parts of second-largest producer Malaysia also helped support prices.\nThe recent jump in soybean oil futures has given support to prices of the tropical oil, said Abdul Hameed, director of sales at Manzoor Trading in Pakistan. Still, futures of soybean oil, palm’s closest substitute for food and fuel, resumed a decline after closing at 2.3% higher on Wednesday in Chicago.\nThere are expectations that US domestic consumption for soybean oil may rise after a probe on imported used cooking oil for renewable fuels is completed, Hameed said. \nAdding support to palm oil is an estimate of weak production for early August in Malaysia, Hameed said. Output in the nation’s southern peninsula dropped 27% during the first five days of this month compared to the same period in July, he said, citing figures from the Southern Peninsular Palm Oil Millers Association.\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2458349255"}