ROTTERDAM: Front positions in palm oil on the European vegetable oils market were easier on Monday on the back of expectations for higher Malaysian palm oil stocks in November.
More deferred palm oil edged higher because of a stronger ringgit, which makes palm oil more expensive for foreign buyers.
The November Malaysian Palm Oil Board (MPOB) supply/demand and stocks report is due on Tuesday.
Asking prices for palm oil were between $7.50 a tonne lower and $5 higher after Malaysian palm oil futures closed between four and 28 ringgit per tonne down as traders were cautious ahead of the official MPOB data.
At 1730 GMT, CBOT soyoil futures were between 0.16 and 0.24 cents per lb down, tracking Chicago soybeans and soymeal on an outlook for beneficial rains in parts of the Argentine soybean belt.
EU rapeoil was mostly quoted between one and seven euros per tonne down from Friday, following the weaker trend in CBOT soyoil and pressured by lower rapeseed futures, which took their cue from Chicago soybean futures. A lower dollar also weighed on products priced in euros.
Lauric oil tracked weaker palm oil with asking prices between unchanged and $10 a tonne lower. The stronger ringgit and weaker dollar were both supportive and limited losses.
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