KUALA LUMPUR (May 23): Malaysian palm oil futures fell 2% at the close of trade on Thursday, hitting their lowest level in a week as they tracked weakness in related edible oils. In related edible oils, the Chicago July soybean oil contract eased 0.7%, while the September soyoil contract on the Dalian Commodity Exchange was down 1.4%. The Dalian September palm oil contract fell 1.6%. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Crude oil prices also fell, extending losses from the previous session, amid surging U.S. inventories as low refinery runs and trade tensions weighed on the demand outlook.

Source: The Edge Markets May 23, 2019 16:07 UTC