European vegoils: palm oil firmer on expectation of falling stocks

Palm oil on the European vegetable oils market was firmer on Thursday after Malaysian palm oil futures gained on expectations Malaysian palm oil stocks will shrink. "Malaysian palm oil dealers were optimistic about exports which, although still slowing, could still outpace production," one broker said. Palm oil was mostly offered $5 and $15 a tonne up from Wednesday after Malaysian palm oil futures closed between 10 and 19 ringgit per tonne higher on short covering and expectations of lower inventories at the end of February.
At 1730 GMT, CBOT soyaoil futures were between 0.12 and 0.23 cents per lb lower with slightly weaker Chicago soyabeans and due to easier energy markets. Weekly US exports for soyaoil were slightly below expectations. EU rapeoil continued to ease with offers between unchanged and two euros per tonne down, tracking CBOT soyaoil and because of weaker rapeseed futures on the back of the outlook for ample global oilseed supplies.