Palm oil prices fall on European vegoils market

Palm oil prices on the European vegetable oils market eased on Monday with Malaysian palm oil futures, on expectations that Malaysian palm oil exports in the December 1-20 period will be down. Palm oil was mostly offered at between $2.50 and $12.50 a tonne down after Malaysian palm oil futures closed between 13 and 44 ringgit a tonne lower as the market weakened on expectations that trade data due out on Tuesday will show a decrease in Malaysian exports and triggered profit-taking after earlier in the session the market touched a four-and-a-half-year high.
"The cash market seemed to go with the flow of futures and currency markets, with players squaring books ahead of the holiday season," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.24 and 0.36 cents per lb down, tracking Chicago soyabeans which dropped on the outlook for bumper soyabean crops in South America and due to forecasts for beneficial rains in Argentina.