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The palm oil market weakened in line with the price decline in its closest competing market
(soyabean oil). The change to the US biofuel policy particularly affected the global palm oil market in
June as it is one of the main feedstocks for biodiesel. Accordingly, the June average price of EU palm
oil was recorded at EUR 862/MT, up 61% y-o-y but down 6.6% m-o-m.