The dip in European palm oil prices was largely fueled by Malaysian export data, which late last week showed exports of palm oil products for July 1-10 fell by about a third from the same time last month.
Cargo surveyor Societe Generale de Surveillance pegged the drop at 34.7 percent, or from 473,307 tonnes to 308,875 tonnes. Intertek Testing Services also said shipments had declined by 32.5 during the period.
The news largely countered a rise in prices seen earlier on Friday, after the Malaysian Palm Oil Board (MPOB) reported a drop in the country's stockpiles and a rise in exports in June.
Yet exports are expected to continue declining over the next few months as demand normalises following a spike during the month of Ramadan.
The expected drop in exports was reflected in asking prices for RBD palmolein, which were down $7.50 for Oct/Dec, with that position last trading at $605.
Crude palm oil prices were also under pressure, with asking prices for Aug/Sep down $2.50 and Jan/Mar down $5. CPO for July delivery last traded at $635.
Soybean oil prices rose on Monday as the market reacted to news that China, the world's largest soy buyer, imported 8.09 million tonnes of grain in June. That's a 26.6 percent increase from June 2014 and an increase of 2.8 percent for the first six months from the same period a year ago.
Soybean oil for July delivery priced at 695 euros by the end of trading, gaining 15 euro on Friday's close. Other positions also closed about 5 euros higher than the last session.
The increase mirrored a rise in Chicago soybean oil with August up 0.38 percent to 32.80 cents per lb at 1720 GMT.
Prices extended gains made late last week, when the U.S. Department of Agriculture slashed its estimates for domestic soybean ending stocks. Yet forecasts for warmer weather in the U.S. Midwest, where heavy rains have recently threatened soy crops, kept a lid on soybean oil gains.
Rapeseed oil prices remained stable, but stock for Nov/Jan regained some of the losses it saw last week. That position last traded at 722 euros, up 2 euros on Friday's close.
EUROPEAN VEGOILS TRADES CIF Rotterdam unless otherwise stated - - - - - - - - - - - - - - - - - - - - - RAPEOIL Dutch/EU euro tonne fob exmill
Nov/Jan 721/722 Feb/Apr 725 CRUDE PALM OIL Sumatra/Malaysia slrs option dlrs tonne cif R'dam
July 635 PALM OLEIN RBD dlrs tonne fob Malaysia
Oct/Dec 605 Jan/Mar 615 - Reuters
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