MPOB data to released on today noon. The survey data expecting rise in inventory. (See below survey data)
The long holiday in Malaysia have not priced in 1.3% drop in soybean oil (BO1!), market is expecting to open down later. Price below 2262 suggesting price move in correction. FCPO formed a double top formation with target at 2255.
FCPO support between 2263 2237 (see right chart)
Bloomberg Poll Aug vs Jul MPOB: Prodn 1.65m vs +1.50m (+10%) Expt 1.24m vs 1.21m (+2.5%) Stks 2.41m vs 2.21m (+9%)