Palm oil on the European vegetable oils market was stronger on Tuesday, tracking the firmer trend in Malaysian palm oil futures on the back of concerns about lower production and because of higher energy markets. Brent hit a 26-month high on Tuesday, supported by Turkey's threat to cut crude mineral oil flows from Iraq's Kurdistan region to the outside world.
Asking prices for crude palm oil were between $2.50 and $15 a tonne up from Monday after Malaysian palm oil futures closed 40 and 58 ringgit per tonne higher.
At 1600 GMT, CBOT soyaoil futures were between 0.01 and 0.08 cents per lb higher on technicals, with Chicago dealers selling soyameal futures and buying back soyaoil contracts. Better than expected yield reports from the expanding US harvest, along with forecasts for favourable rains in Brazilian soyabean growing areas ahead of planting, limited gains.
EU rapeoil was offered between two and five euros per tonne higher than Monday, supported by a strong dollar which underpins euro-priced products. Recent gains in energy markets also added to strength in rapeoil as higher energy prices could boost vegetable oil demand from biodiesel producers. Lauric oils were offered between unchanged and $20 a tonne lower on lack of demand and because of the strong dollar, which weighs on products quoted in that currency.
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