European vegoils-Palm oil eases on bearish MPOB stocks report

ROTTERDAM: Palm oil on the European vegetable oils market eased on Wednesday following bearish Malaysian Palm Oil Board (MPOB) data for August. Lower CBOT soyoil also weighed.

The MPOB report showed a 12.4 percent increase from the month before in Malaysian palm oil ending stocks to 2.49 million tonnes.

Asking prices for palm oil were between $2.50 and $7.50 a tonne down from Tuesday after Malaysian palm oil futures, back from a four-day break, closed between 24 and 35 ringgit per tonne lower on the back of the MPOB report.

At 1600 GMT, CBOT soyoil futures were between 0.20 and 0.34 cents per lb lower on positioning ahead of fresh USDA supply/demand and crop reports, which were issued around that time.

EU rapeoil was offered between six and eight euros per tonne lower, also in anticipation of bearish USDA data and because of a weaker dollar, which weighs on euro-priced products.

Lauric oils were mostly offered between $5 and $25 a tonne down from Tuesday, with many Malaysian players returned from the long weekend, mostly tracking weaker palm oil and because sellers were lowering prices to attract buyers. EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Jan/Mar 590 Apr/Jun 603/601.50

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne  Oct 552.50 (-2.50) Jan/Mar 605 Apr/Jun 615 (-5)

RAPEOIL Dutch/EU euro tonne fob exmill Nov/Jan 716/715 (-8)

PALMKERNEL OIL Mal/Indo, dollars a tonne cif Rotterdam Sep/Oct 850 Oct/Nov 850