{
  "id": 12531225,
  "title": "Palm extends losses as weaker Chicago soyoil weighs",
  "url": "https://urgent.news/2026/10/07/palm-extends-losses-as-weaker-chicago-soyoil-weighs",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T02:51:08.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/10/1549511/palm-extends-losses-weaker-chicago-soyoil-weighs"
  },
  "original_language": "en",
  "account": "On Wednesday, Malaysian palm oil futures continued to decline for a second day, falling further due to weaker Chicago soyoil prices, while a rise in crude oil prices limited the extent of the losses. The December December palm oil contract on the Bursa Malaysia Derivatives Exchange fell by RM21, or 0.46%, to RM4,539 (US$1,111.14) per metric ton in early trading. Soyoil prices on the Chicago Board of Trade slipped 0.26%. The Dalian Commodity Exchange is set to reopen on Thursday after observing a public holiday.\n\nPalm oil movements are influenced by the price fluctuations of other edible oils, as it strives to secure a larger share in the global vegetable oil market. The prices of oil increased as market participants considered supply constraints due to a storm approaching US oil-producing regions and attacks by Iran-backed Houthis on Saudi Arabia amidst heightened supplies of Middle East crude.\n\nThe Malaysian currency, the ringgit, weakened by 0.07% against the dollar, making palm oil slightly more affordable for buyers using foreign currencies. According to European Commission data, EU soybean imports for the 2026/27 season, which started in July, reached 3.06 million metric tons by October 4, a 9% decrease compared to the same period last year. Meanwhile, palm oil imports fell by 18% to 0.71 million tons.\n\nIndonesia's forestry task force has transferred nearly 260,000 hectares (642,474 acres) of seized land to the country's forestry ministry, with over half to be handed over to Agrinas Palma Nusantara, the state-owned palm oil plantation firm. Palm oil could potentially test a resistance level at RM4,622 per metric ton, according to Reuters technical analyst Wang Tao. Despite Asian markets being slightly weaker on Wednesday, US stocks touched record highs, as oil prices surged with a storm looming over the Gulf of Mexico and conflicts escalating between Saudi Arabia and Iran-backed Houthis.",
  "summary": "KUALA LUMPUR: Malaysian palm oil futures extended losses for a second session on Wednesday, pressured by weaker Chicago soyoil, though firmer crude oil prices capped the losses.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Business Recorder",
        "title": "Palm extends losses as weaker Chicago soyoil weighs",
        "url": "https://urgent.news/2026/10/07/palm-extends-losses-as-weaker-chicago-soyoil-weighs-12541289",
        "published": "2026-10-07T04:10:04.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}