Palm oil on the European vegetable oils market dropped further on Tuesday on expectations of improved production during the coming months. Asking prices for palm oil were between $5 and $30 a tonne down, due also to a stronger dollar, which weighs on dollar-quoted prices. Malaysian palm oil futures closed between 27 and 57 ringgit per tonne lower. "Sentiment remains bearish with production picking up and demand still below par, plus a bumper soybean crop expected in South America," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.09 and 0.23 cents per lb down, on technical selling and because of the South American prospects. EU rapeoil was between one and three euros per tonne down from Monday, tracking the trend in Chicago soymeal and weaker rapeseed futures due to a stronger global oilseed supply outlook.
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