Palm Oil Drops as South American Soybean Crop Prospects Improve
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Palm oil declined, paring a weekly advance, as forecasts for improving soybean crop conditions in South America eased concerns global oilseed supply will dwindle.
The contract for January delivery, which had the largest open interest, fell 1.6 percent to close at 2,396 ringgit ($779) a metric ton on the Malaysia Derivatives Exchange. Futures climbed 3.5 percent this week, the first such gain since the five days ended Oct. 26. The bourse was shut yesterday.