Tuesday, 17 July 2012 00:50
ROTTERDAM: The European vegetable oil market continued mostly up on Monday, supported by hot and dry weather in the US Midwest, which could lead to crop damage.
* "The cash market keeps following the trend on Chicago markets, which sees continued speculative buying on the adverse US weather. Business is not very wild as sellers are not in a hurry to part from their positions and buyers think these levels could break any moment if it starts raining," one broker said.
* At 1700 GMT CBOT soyoil futures were between 0.77 and 0.83 cents per lb up on Midwest heat and firm mineral oil.
* EU rapeoil was offered three euros down to five euros up, mostly following Chicago and strong rapeseed futures, which follow the trend in CBOT soybeans.
* Nov/Jan EU rapeoil traded at 1,012.50 a tonne fob exmill and Aug/Oct plus 10 euros was switched into Nov/Jan.
* EU sunoil was quoted $20 a tonne up from Friday following the trend in Chicago after Oct/Dec traded at $1,260 a tonne extank, up $10 from Friday.
* Palm oil was offered between $10 and $15 a tonne up from Friday after Malaysian palm oil futures closed between 41 and 65 ringgit per tonne up in sympathy with rival soyoil on worries over the weather in the US Midwest.
* Oct/Dec RBD palm olein changed hands at $1,017.50, $1,020 and again $1,017.50 a tonne fob Malaysia, up $12.50 from Friday. Jan/March traded $25 up at $1,020 and $1,022.50.
* Lauric oils were offered between $10 up and $10 down from Friday, partly supported by rival soyoil and palm oil, while a strong dollar and lack of buying interest weighed on dollar-priced products. No deals were reported.
Copyright Reuters, 2012