13/07/2012 (Business Recorder) - Palm oil prices on the European vegetable oil market fell on Thursday on official data showing exports from Malaysia fell sharply in the first 10 days of July and forecast of some rain in United States grains growing areas.

* The decline came despite a bullish US department for Agriculture report on Wednesday, which saw soybean and corn stocks declining this year as drought hit key US grain-growing regions.

* "This is quite confusing. Personally I think that the market will rise again. It cannot stay on these levels," one trader said.

* Malaysian crude palm oil futures tumbled on Thursday as traders took profit, prompted partly by a forecast for rain over the weekend in the drought-hit, soy-producing US Midwest that could ease concerns of tight oilseed supply.

* At 1630 GMT CBOT soyoil futures were between 0.23 and 0.43 cents per lb down on continued long liquidation.

* Liquid oils - soyoil, rapeoil and sunoil - were offered between five and 11 euros per tonne, down from Wednesday, tracking CBOT soyoil and weak rapeseed futures.

* Palm oil was offered between $12.50 and $20 a tonne down from Wednesday after Malaysian palm oil futures closed between 43 and 80 ringgit per tonne lower.

* RBD palm olein for October to December deliveries changed hands between $986 and $995 a tonne fob Malaysia, $23 a tonne lower than on Wednesday. Jan/March fetched between $995 and $1,000, down $10 a tonne from Wednesday.

* Lauric oils were not traded with sellers offering material $20 to $35 a tonne down from Wednesday, following rival palm oil. Buyers showed little interest and no deals were reported.