ROTTERDAM: Asking prices on the European vegetable oil market eased on Wednesday following selling in futures markets on expectations for growing global supply, dealers said.
"We saw profit-taking in soyoil and palm oil futures on the belief global vegetable oil stocks will grow, and Europe followed. Buyers were not showing much interest, waiting for markets to bottom out," one broker said.
At 1700 GMT CBOT soyoil futures were between 0.05 and 0.46 cents per lb down on technical selling.
Liquid oils were offered 10 to 20 euros per tonne down from Tuesday, following the weaker trend in CBOT soyoil. EU rapeoil changed hands at 955 euros per tonne fob exmill for Aug/Oct, and Nov/Jan traded at 963 and 960 euros fob.
Palm oil was offered $10 to $25 a tonne down from Tuesday after Malaysian palm oil futures closed between 17 and 75 ringgit per tonne down on expectations for a rise in production, which could lead to growing palm oil stocks.
July/Sept RBD palm olein changed hands between $1,155 and $1,147.50 a tonne fob Malaysia, down $7.50 from Tuesday and Oct/Dec traded $12.50 lower at $1,132.50 fob.
Lauric oils were offered between $10 to $30 a tonne down from Tuesday, following the trend in both palm oil and soyoil. Buyers remained sidelined and no deals were reported.
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