ROTTERDAM: Palm oil prices on the European vegetable oils market firmed on Wednesday because of positioning ahead of fresh industry data and due to concerns that wet weather could disrupt Malaysian palm oil output.
On Thursday the USDA will release its November crop and supply/demand reports and MPOB will follow a day later with the palm oil October ending stocks.
Asking prices for palm oil were between $5 and $12.50 a tonne higher after Malaysian palm oil futures closed mostly between 30 and 36 ringgit per tonne up.
"A lot will depend on how bullish the USDA reports will turn out to be, as it could outweigh MPOB's carry-over, which is expected to be somewhat bearish," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.04 and 0.33 cents per lb higher as traders await the USDA reports. Analysts expect the government to trim its estimate of the US soybean production. Stronger energy markets also underpinned soyoil futures.
EU rapeoil was mostly quoted at between two and eight euros per tonne higher as sellers were rolling forward positions following a nearby squeeze. Firmer CBOT soyoil futures and stronger rapeseed futures in anticipation of bullish USDA reports also underpinned rapeoil.
Lauric oils were mostly offered between $5 and $20 a tonne up from Tuesday, tracking gains in palm oil.
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