AG: European palm oil declines on technical selling
PALM oil on the European vegetable oils market dropped sharply on technical selling following weak demand and expectations for a bumper US soyabean crop, market sources said.
"Belief that exports for August will be disappointing and pressure from rival soya oil on prospects for a record US soyabean crop weighed on prices in the cash market. A weakening dollar supported prices a little late in the day, but trade remained thin as most of the signals were bearish and keeping buyers sidelined," one broker said.
