In Malaysia, Reuters reports palm oil prices fell nearly 10% to around $1,475 per metric ton on Monday as profit taking took place amongst a number of oil futures contracts around the world. Palm oil prices rose by more than 20% over the past three weeks. Even though G7 agriculture ministers on Friday urged countries to not implement export restrictions, Argentina all but stopped soy oil and meal exports on Sunday with higher export taxes, which the market interprets as slightly bearish as domestic soy oil prices will fall due to increased supplies.
Category: Fuels