Palm oil falls on European vegoils market

Palm oil on the European vegetable oils market eased on Thursday as Malaysian palm oil futures dropped on concerns over growing stockpiles and weak demand. "It looks like Malaysian palm oil production is going to outpace exports again in December, leading to a further increase in already huge stocks," one broker said.
Asking prices for palm oil were between $5 and $17.50 a tonne down after Malaysian palm oil futures closed mostly between six and 50 ringgit per tonne lower. Continued bearish sentiment and weakness in rival oils also aided to some stop-loss selling in futures. At 1830 GMT CBOT soyaoil futures were between 0.23 and 0.31 cents per lb down, tracking weaker Chicago soyabeans on the back of crop-boosting rains in South American soyabean growing areas and on concerns about lagging US exports.