ROTTERDAM: A dip in the dollar and continuing fears about dwindling South American soybean crops supported liquid oils prices on the European vegetable oil market on Wednesday, market sources said.
"Continued fears about the eroding global oilseed stocks kept dominating the direction of asking prices on the European cash markets, one broker said. "Buyers are still cautious, expecting a fall eventually, but some covering has to take place."
At 1730 GMT CBOT soyoil was between 0.24 and 0.34 cents per lb up, supported by fears for small South American soybean crops, while dropping mineral oil values and a strong dollar limited gains.
Liquid oils - rapeoil, sunoil and soyoil - were offered nine and 15 euros per tonne up from Tuesday following CBOT soyoil and stronger rapeseed futures, while the stronger dollar also supported the euro-priced products.
EU rapeoil changed hands between 975 and 985 euros per tonne fob exmill for May/July, up 11 euros from Tuesday, Aug/Oct traded 10 euros up between 980 and 990 euros, Nov/Jan fetched 13 euros more at between 980 and 993 euros and Feb/April 2013 traded at 979 euros fob. July/Sept EU sunoil traded at $1,297.50 a tonne extank and Oct/Dec changed hands at $1.290.
Palm oil was offered between $5 up and $7.50 a tonne down from Tuesday, with a strong dollar weighing on prices after Malaysian palm oil futures closed well off the highs, between five and 24 ringgit per tonne up on the back of hopes for improved export demand.
July/Sept RBD palm olein traded from $1,177.50 up to $1,185 and back down to $1,177.50 again, down $2.50 from Tuesday. Crude palm oil changed hands at $1,180 a tonne cif Rotterdam for July/Sept, while Oct/Dec traded at $1,175 cif.
Lauric oils were offered between unchanged and $20 a tonne up from Tuesday, mostly following the trend in palm and soyoil, but asking prices were hardly tested and no deals were reported.
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