Palm oil prices on the European vegetable oils market eased on Friday because of weak Malaysian palm oil exports during the first 10 days of March. Asking prices were between $5 and $25 a tonne down from Thursday, also pressured by bearish USDA crop and supply/demand data, which weighed on rival soyaoil. Malaysian palm oil futures closed between 56 and 68 ringgit per tonne lower, tracking weakness in rival oils and on weak export data, mostly ignoring a higher than expected drop in Malaysian palm oil stocks in February.
"News overall was bearish and if there was a spark of bullish momentum at the start of the week it has gone for now," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.09 and 0.38 cents per lb lower on rising estimates of Brazil's soyabean harvest, technical selling and fund long liquidation. Easier energy markets also weighed.
EU rapeoil was quoted between two and six euros per tonne down, following the trend in CBOT soyaoil and because of continued weakness in rapeseed futures on bright global oilseed supply outlook. A weaker dollar also weighed on euro-priced rapeoil. Lauric oils followed the weaker trend in palm and soyaoil with asking prices between unchanged and $5 a tonne lower. Dollar weakness, which supports prices quoted in that currency, limited losses.
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