Palm oil down on European vegoils market

Palm oil on the European vegetable oils market edged lower on Wednesday following weakness in CBOT soyaoil futures. Trade was slow because of the absence of Malaysian palm oil futures due to a public holiday. Asking prices for palm oil were between unchanged and $5 a tonne lower. At 1630 GMT, CBOT soyaoil futures were between 0.24 and 0.31 cents per lb down on beneficial US crop weather and due to the outlook for a bumper US soyabean harvest.
EU rapeoil was quoted between four and eight euros per tonne down as a weak dollar weighed on euro-priced products. Weakness in Chicago soyaoil futures also weighed, as did a dip in EU rapeseed futures, which followed the lower trend in CBOT soyabean futures. Lauric oils were quoted between unchanged and $10 a tonne lower, following the weaker trend in soyaoil and because of slow demand due to the public holiday in Malaysia.