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Morning markets: export data undermine palm oil

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Palm oil sulked without the company of US food commodities, which are closed on Monday, with trading both quiet and weak.

And what fundamentals there were failed to clinch the case for bulls. Intertek Testing Services said Malaysian palm oil exports were 979,327 tonnes in the May 1 to 25 period, just 0.6% higher than the same period in April.

"Exports are not so impressive and we may see a decline for the end of the month," a trader told Reuters, the news agency.

"Palm oil has been too pricey and in short supply, buyers can't take all of that so they may switch to some soyoil."

Traders have feared that palm oil, up about 50% this year, is beginning to price itself out of the market and that buyers will turn to other vegetable oil crops, such as rapeseed or soybeans.

Korea move

Elsewhere, weaker soybeans in China's Dalian Commodity Exchange offered little help.

Nor did oil which softened after North Korea's successful nuclear test raised fears for global security. New York light crude for July was $0.22 lower at $61.45 a barrel at 07:00 GMT.

US markets are closed for the Memorial Day public holiday, with UK markets also closed for the Whitsun bank holiday.

By Mike Verdin

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