Palm oil on the European vegetable oils market eased again on Thursday because of positioning ahead of fresh USDA crop and supply/demand figures and due to further weakness in Malaysian palm oil futures. Asking prices for palm oil were between unchanged and $5 a tonne lower after Malaysian palm oil futures closed between 10 and 19 ringgit a tonne down, with weaker palm olein prices on the Dalian Commodity Exchange weighing.
At 1600 GMT, CBOT soyaoil futures were slightly easier just ahead of the release of the USDA data, with stronger energy markets limiting losses. EU rapeoil was quoted between two and six euros per tonne higher on the back of a lower rapeseed crop forecast in Germany and underpinned by the dollar, which was slightly stronger during most of the day, and gains in rapeseed futures on the back of the lower crop outlook. Lauric oils were mostly offered between $10 a tonne up and $10 down, with easier palm oil and a stronger dollar, which weighs on products priced in that currency, pressuring prices.
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