Palm oil hits 2-week low on bearish USDA report
1/13/2012 11:03:20 AM
SINGAPORE: Malaysian crudepalm oil slipped on Friday as a much-anticipated U.S. crop report showed a higher-than-expected forecast of oilseed supplies, temporarily overshadowing prospects of lower production due to erratic weather.
The U.S. Department of Agriculture January crop report painted a rosier picture for global supplies on Thursday. The MalaysianPalm Oil Board similarly said on Tuesday that December stock levels were higher than expected. "With both the highly anticipated reports disappointing the bulls, the market will henceforth look at fundamentals," said a trader with a local commodities brokerage in Malaysia.
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