Palm oil prices on the European vegetable oils market dipped on Tuesday in the wake of a fall in Malaysian palm oil futures to their lowest in nearly a week after losses in US and Chinese soyaoil markets. Soya markets took a beating late on Monday after the US Department of Agriculture data revealed that the record US soyabean harvest in 2014 was even bigger than expected, lifting domestic supplies to eight-year highs ahead of an anticipated bumper harvest from South America.
Crude palm oil (CPO) for February shipment was offered at $700 a tonne, down $12.50 from the prior day.