Palm oil prices drop for the third consecutive day

In the first half of today's trading day, the prices of palm oil futures on Bursa Malaysia are falling. It is the third trading day in a row with losses due to declines in Chicago trading.
The most-traded October-18 event loses 0.8% this morning to 2,225 ringgit / ton. Previously, prices had already fallen 1.6%, the lowest since August 7. By lunchtime, 12,810 lots of a'25 tons of palm oil had been handled.
After the sharp slump in the entire oilseed complex on the CBoT on Friday, palm oil futures are now under pressure. In the US, very high stocks of soybeans are expected after a record harvest. Should the trade conflict with China not relax, stocks will continue to rise.
In their USDA report on Friday, the local ministry of agriculture had estimated the harvest for corn and soybeans higher than the market had expected. The weather was very beneficial for the cultures in the core growing regions of the USA.
Traders expect palm oil prices to remain bearish in the medium term as production and ending levels rise.August exports are not satisfactory because buyers are waiting for the export tax to be reduced to zero percent. This is announced for the beginning of September.
The industry service MPOB had estimated on Friday the final stocks of Malaysia palm oil inventories to 2.21 million tonnes by 1.3% higher. It is the second month with higher inventory forecasts. Exports rise 6.8% to 1.21% mt.
Meanwhile, production in July rose 12.8% from a month ago to 1.5 million tonnes, and it is likely to rise even further in the summer, peaking at the end of the year.
The CBoT soybean oil futures trade is 1% weaker on the hour, and has already lost 1.6% on Friday. Salian oil prices also fell by 1% and palm oil futures by 0.9% on the Chinese derivatives exchange Dalian.

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