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vegetableoil2ROTTERDAM: The European vegetable oils market mostly eased on Friday on the back of a stronger dollar and weaker CBOT soyoil values, with most players waiting for fresh global data due next week.

 

* "Next week we will see (Malaysian) palm oil export data for the first 10 days of January with the new export tax regime in place, and we will see if already record high palm oil stocks grew even larger in December. This all caused both sides of the market to sit back and wait," one broker said.

 

The Malaysian export data will be released on Jan. 10, and US Department of Agriculture supply and demand figures are due on Jan. 11.

 

* At 1700 GMT CBOT soyoil was between 0.48 and 0.67 cents per lb down on technical selling following prospects for a bumper soybean crop in South America and talk of Chinese cancellations of US soybean orders.

 

* EU soyoil was offered a tad firmer at 905 euros ($1,200) per tonne for Feb/April and May/July on the back of a strong dollar, which supports euro-priced products, but asking prices were hardly tested.

 

* EU rapemeal was offered 2 to 3 euros per tonne down following the trend in Chicago and due to easier rapeseed futures.

 

* Earlier in the day, Feb/April EU rapeoil traded 2 euros up from Thursday at 897 euros per tonne fob exmill, and May/July changed hands at 900 euros, up 4 euros.

 

* Palm oil was offered between $2.50 a tonne up and $12.50 down from Thursday after Malaysian palm oil futures closed between 6 ringgit per tonne up and 12 down, mainly supported by hopes for higher export numbers from the new tax structure for crude palm oil, which currently is set at zero percent.

 

* Many European dealers were skeptical whether the tax level of zero percent would have much of an impact on exports.

 

* "Large Malaysian refiners had something like a 4.3 million tonne export tax-free quota and had trouble filling it last year, and it is doubtful if smaller companies can take much advantage of the new regulations and export a lot more," one dealer said.

 

* April/June RBD palm olein changed hands between $867.50 and $860 a tonne fob Malaysia, down $10 from Thursday. July/Sept traded unchanged at $885.

 

* Lauric oils were offered between $5 and $10 a tonne down, mostly following rivals palm and soyoil and because of the strength of the dollar, which weighs on dollar-priced products.

 

Center>Copyright Reuters, 2013


 



 
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