Cash prices for prompt palm oil and palm oil products moved lower during the Tuesday April 30 session, tracking losses in palm oil futures. US Gulf palm oil and palm olein indications have pulled back from one-year highs reached in early April.
In the US, palm oil has been losing market share to cheaper animal fats such as tallow. Lower prices for tallow compared with palm oil prices have led to livestock reformulations in the US feed industry.
On Tuesday, Fastmarkets’ price assessment of palm oil, RBD, fob US Gulf was $0.4775-0.4875 per lb, falling from $0.4850-0.49 per lb on Monday April 29 and down by over 10% month on month.
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