ROTTERDAM: Palm oil on the European vegetable oils market continued to ease on Tuesday because of positioning ahead of a flurry of industry data on Wednesday. Trade was slow, owing to a lack of direction from a Malaysian market closed for a public holiday.
The Malaysian Palm Oil Board will release its August supply/demand and stocks reports and Malaysian surveyors will issue September 1-10 export data. Late in the European day USDA will release fresh supply/demand and crop reports.
"The overall feeling is that most of those numbers will be bearish, although there is some doubt about how bearish USDA data will be," one broker said.
Asking prices for palm oil were mostly between unchanged and $5 a tonne down from Monday.
CBOT soyoil futures were between 0.10 and 0.22 cents per lb lower at 1630 GMT, tracking easier Chicago soybeans on expectations that the USDA will increase its US soybean crop forecast and raise the ending-stocks number.
EU rapeoil was offered between 2 euros and 5 euros a tonne lower, following the weaker trend in CBOT soyoil futures and because of rapeseed futures that eased in line with Chicago soybeans pressured by bearish USDA data.
Lauric oils were mostly offered between $5 a tonne up and $5 down from Monday in slow trade because of the Malaysia holiday.
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