"I should have long palm oil even though soyoil is bearish."
"I short palm oil because I believe eventually palm oil must follow soyoil to trade lower."
"2600 is top already, short the way to 2300."
Sounds familiar? Many traders relayed their palm oil trading experience with me. They couldn't believe palm oil price is rising. They either not participated in the rally or went short the market. Eventually they have to part with their money and blamed the market for their own trading. I wouldn't say market is wrong because I hold the believe that "Market is always right".
So, why palm oil didn't follow soybean oil to go south? Ringgit appreciation? Biodiesel factor? Weather? Export figures? Inventory? China buying for LNY? Well, personally I don't know the reason and I don't see the need to know the exact reason(s).