Rabobank sees palm oil prices tad up as CBOT soy complex choppy.

Global palm oil prices are likely to find short-term support in Jul-Sep as global soybean complex prices remain volatile. The financial services company has revised slightly upwards its price forecast for crude palm oil contracts on the Malaysian bourse at 2,500 ringgits (37,510 rupees) per tonne and 2,400 ringgits on an average for Jul-Sep and Oct-Dec, respectively. Palm oil prices are cheaper compared to soyoil, therefore demand for the former would increase. Increasing production of the edible oil and relatively slow exports, which led to higher Malaysian palm oil stocks, are also seen bearish for prices. CBOT soybean prices are seen lower in the coming months on record output of 114.5 million tonne in 2016-17 and selling by fund managers.