Offer prices for palm oil in Europe were mixed on Thursday, supported by strong Malaysian palm oil futures early in the day but dragged off their highs by weaker CBOT soyoil futures later. Asking prices for palm oil were between $5 a tonne up and $5 down from Wednesday. Malaysian palm oil futures closed between 21 and 38 ringgit per tonne up on technicals, as the spread between soyoil and palm oil widened.
At 1730 GMT, CBOT soyoil futures were between 0.16 and 0.41 cents per lb down on profit taking and because of a sharp fall in energy markets. "It was a bit of a see-saw day which discouraged many buyers to enter the market," one broker said. EU rapeoil was mostly offered between three euros per tonne up and four euros down, mostly tracking the trend in CBOT soyoil and following a technical correction in rapeseed futures on prospects for a larger EU rapeseed harvest in 2017.
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