Malaysian palm oil may head lower.

(From Business Line)

MALAYSIAN crude palm oil futures on MDEX closed firmer on Friday due to short covering and better demand from India, the largest edible oil consumer. Edible oil imports are once again slated to rise owing to an expected drop in oilseed output after poor monsoon rains this year. The country's oilseed production is likely to fall lower compared to the last year. Earlier, cargo surveyor SGS said Malaysian palm oil exports for November 1-15 stood at 415,978 tonnes, down from 472,638 for October 1-15. Earlier in the week, prices corrected lower after Indonesia dropped plans to raise export taxes as producers in Indonesia had pledged to increase …