MDEX: Palm oil spot closes lower on Thursday.

The August contract for palm oil ended Thursday's session (30) with a slight drop of 0.20% in Malaysian Derivatives Exchange (MDEX) The price for the Brazilian corn futures contract rose 0.20% to US$1,112.50/ton. On the other hand, the September contract advanced 0.20% to US$1,134.25/ton. For the week, the contracts accumulated losses of 0.80% and 0.72%, respectively. 

Weighing on prices, oil prices fell in the international market, amid progress in negotiations between Iran and Oman over control of the Strait of Hormuz.

Lower fuel prices on the international market make palm oil a less attractive option as a feedstock for biodiesel.

On the upside, palm oil closed slightly higher, up 0.47%. Dalian Exchange (DCE)On the other hand, soybean oil fell 0.18% in the Chinese index.

Furthermore, independent cargo inspection companies in Malaysia estimate that exports of palm oil and its derivatives increased between 8.1% and 15.9% between July 1st and 25th.

This text was translated by machine from Brazilian Portuguese.