Palm oil on the European vegetable oils market was little changed on Friday as firmer Malaysian palm oil futures was offset by weak export data and a strengthening dollar. Asking prices for palm oil were between $2.50 per tonne up and $5 a tonne down from Thursday as the stronger dollar weighed on products quoted in that currency. Malaysian palm oil futures closed between 10 and 22 ringgit per tonne higher, edging up on recent strength in energy markets.
"Malaysian palm oil exports for the first 20 days of April were almost unchanged from the same March period, which was weaker than during the first 15 days of April, which is mildly bearish," one broker said. At 1630 GMT, CBOT soyaoil futures were between 0.07 and 0.13 cents per lb lower, tracking weaker Chicago soyabean futures on concerns that a trade war between the United States and China would cut US exports to China, the top overseas soyabean buyer. Expectations that farmers may boost soyabean acreage due to a cold spring in the US Midwest, adding pressure, also weighed.
EU rapeoil was quoted between two and three euros per tonne higher on the back of a stronger dollar, which supports euro-priced products, and due to strong energy markets, which could boost demand for rapeoil from biodiesel producers. Lauric oils were offered between unchanged and $20 a tonne down from Thursday, pressured by the stronger dollar and because sellers lowered prices to attract buyers.
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