Palm oil ends lower on weakness in soyoil on Dalian, Chicago exchanges

Malaysian palm oil futures closed lower on Thursday, erasing the previous session’s gains, as the contract tracked losses in soyoil at Dalian and Chicago futures. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange lost 41 Malaysian ringgit, or 0.92%, to 4,434 ringgit ($1,057.22) a metric ton. “Today’s futures are tracking weaknesses from both Dalian and Chicago markets, with soyoil under focus,” a Kuala Lumpur-based trader said. A Brazilian judge on Wednesday left in place a moratorium on trading in soy grown in recently deforested parts of the Amazon, according to a decision seen by Reuters, rejecting a request by a farmer group to reverse an injunction related to the ban. The moratorium is a two-decade-old private pact barring soybean traders from buying from farmers who cleared Amazon land after July 2008. Chicago soybean futures fell for a second straight session, pressured by weaker soyoil after a U.S. biofuels proposal ...