Palm oil on the European vegetable oils market eased on Thursday on positioning ahead of Friday's USDA supply/demand and crop reports and tracking weaker Malaysian palm oil futures on the back of a strong ringgit. Asking prices for palm oil were between $5 and $15 a tonne down from Wednesday after Malaysian palm oil futures closed between 29 and 59 ringgit a tonne lower as a stronger ringgit and concerns over smaller than expected production declines weighed.
"Most of the overall weakness in the cash market is related to the USDA data, which is expected to show bearish numbers. The risk is that if the reports are not as bearish as anticipated we could see quite a jump in prices," one broker said. CBOT soyaoil futures were between 0.04 cents and 0.16 cents per lb lower at 1830 GMT in expectation of bearish data from the US Department of Agriculture on Friday and forecasts for improving crop weather in South America.
EU rapeoil was offered between 7 euros and 8 euros a tonne down, tracking weaker Chicago soyaoil futures and pressured by lower rapeseed futures on expectations that the USDA will raise the global oilseed stocks number. A weaker dollar also weighed on euro-priced rapeoil.
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