Palm oil closes lower tracking rival soyoil

Malaysian palm oil futures closed down on Monday, weighed down by weakness in rival Dalian and Chicago soyoil prices due to concerns about the slow pace of Chinese purchases of U.S. soybeans. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 58 ringgit, or 1.4%, to 4,094 ringgit ($996.11) a metric ton at the close. “Uncertainty over China bean buying keeps the pressure on soy complex, as with current loading, it is unlikely that China will meet their purchase targets by December as per the initial agreement with the U.S.,” said Sandeep Singh, director of The Farm Trade, a Kuala Lumpur-based consulting and trading company. Shipments of U.S. crops to China are accelerating after a tense tariff war stalled trade for months, with at least six bulk cargo vessels scheduled to load with soybeans at Gulf Coast terminals through mid-December. However, the slow pace of buying has raised fears that Beijing could fall well short of the U.S. ...