Palm oil on the European vegetable oils market was offered mixed on Thursday on contrasting signals that kept Malaysian palm oil futures almost unchanged. An easier ringgit and the outlook for a smaller than previously expected decrease in Malaysian palm oil production both weighed on prices, while concerns over tighter global oilseed supplies because of adverse weather in Argentine soyabean growing areas were supportive.
Asking prices for palm oil were between $2.50 a tonne higher and $5 lower after Malaysian palm oil futures closed between one ringgit down and two ringgit up as the weaker ringgit boosted hopes for improved export demand. At 1730 GMT, CBOT soyaoil futures were between 0.02 and 0.11 cents per lb higher on technical buying and underpinned by strength in energy markets.
EU rapeoil was offered between one and two euros per tonne lower on bearish sentiment among biodiesel producers, concerned about an influx of Argentine biodiesel in the coming months. Strength in Chicago soyaoil futures limited losses. Lauric oils were mostly offered between unchanged and $20 a tonne lower on a weaker ringgit and because of slow demand with a large gap between sellers and buyers, if any could be found.
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