Palm oil declined for a third day to the lowest level in more than a week as global production of soybeans and sunflower seeds may climb to a record, boosting cooking oil supplies.
Palm for delivery in February dropped as much as 0.4 per cent to RM2,545 a metric tonne on the Bursa Malaysia Derivatives, the lowest price for a most-active contract since November 12. Futures were at RM2,552 at the mid-day break in Kuala Lumpur.
Farmers worldwide will harvest a record 286.5 million tonnes of soybeans, while sunflower seed output may reach an all-time high of 40.2 million tonnes, researcher Oil World said yesterday. "The global market will be less dependent on palm oil in the 2013-2014 season thanks to a steep increase in crushings and corresponding increases in seed oil production," primarily from soybeans and sunflower seeds, Oil World said.
"There is pressure coming from the soy complex because production is expected to be better," said Sandeep Bajoria, chief executive officer of Mumbai-based broker Sunvin Group. "Exports from Malaysia haven't picked up much."
Shipments from Malaysia, the world's second-largest producer, dropped two per cent to 1 million tonnes in the November 1-20 period from a month earlier, surveyor Intertek said today.
"We expect that there will be a setback in palm oil prices within the next four to six weeks," said Oil World, which estimated global output of the tropical oil at 58.73 million tonnes, 5.1 per cent more than a year earlier. That included 30 million tonnes from Indonesia, the world's biggest producer, and 19.88 million tonnes from Malaysia, it said.
Soybeans for January delivery rose 0.2 per cent to US$12.785 a bushel on the Chicago Board of Trade. Soybean oil gained 0.4 per cent to 40.39 cents a pound.
Refined palm oil for May delivery was unchanged at 6,216 yuan (US$1,020) a tonne on the Dalian Commodity Exchange and soybean oil was little changed at 7,162 yuan.
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