Friday, 04 January 2013 03:50
ROTTERDAM: The European vegetable oils market fell on Thursday in a technical reaction to prices jumping on Wednesday after the United States reached a deal to avoid a fiscal crisis.
* "We saw markets come down quickly as the optimism that the US did not fall off the fiscal cliff faded. A stronger dollar on positive US jobs data all weighed on prices, but could hardly inspire the European cash market," one broker said.
* At 1700 GMT CBOT soyoil was between 0.14 and 0.36 cents per lb down after closing around one cent up on Wednesday after lawmakers included an extension of the $1 a gallon tax credit for soy-based biodiesel as part of their massive fiscal pact. Good outlook for the South American soybean crop and talk of more Chinese cancellations of US soybean orders.
* Liquid oils - soyoil, rapeoil and sunoil - were offered between eight and 15 euros down from Wednesday in sympathy with CBOT soyoil and easier rapeseed futures.
* Feb/April EU rapeoil traded 20 euros down from Wednesday at 895 euros per tonne fob exmill and May/July changed hands between 900 and 896 euros, down 19 euros.
* Palm oil was offered between $5 and $15 a tonne down from Wednesday, aided by a stronger dollar, which weighs on dollar-priced products. Malaysian palm oil futures closed between 18 and 56 ringgit per tonne down on profit taking, but the dip was cushioned by export hopes because of the new tax structure for crude palm oil.
* Jan delivery RBD palm olein changed hands at $810 a tonne fob Malaysia, Feb delivery traded at $832.50, April/June fetched $872.50 and $870, down $12.50 and July/Sept traded $17.50 down between $895 and $885.
* Lauric oils were offered between $10 and $15 a tonne down from Wednesday in sympathy with palm oil and because of the stronger dollar after coconut oil changed hands at $840 a tonne cif Rotterdam for Feb/March. No deals were seen in palmkernel oil.
Center>Copyright Reuters, 2013