European vegoils-Palm oil down with futures on growing stocks outlook

ROTTERDAM: Palm oil on the European vegetable oils market continued to ease on Wednesday, tracking lower Malaysian palm oil futures, which dropped on concerns over growing Malaysian palm oil ending stocks.

Asking prices for palm oil were between $2.50 and $10 a tonne lower, also pressured by worries about escalations in the ongoing trade war between the United States and China. Malaysian palm oil futures closed between 41 and 47 ringgit per tonne lower.

At 1630 GMT, CBOT soyoil futures were between 0.01 and 0.08 cents per lb higher following firmer Chicago soybeans on a technical bounce following recent losses because of the escalating U.S-Chinese trade dispute. Stronger energy markets also underpinned soyoil prices.

EU rapeoil was mostly quoted between two and three euros per tonne higher, tracking gains in CBOT soyoil futures and underpinned by firmer energy prices, which could boost buying interest for vegetable oil by biodiesel producers.

Lauric oils were mostly offered between flat and $12.50 a tonne lower, following the weaker trend in palm oil and because of a lack of buying interest at the current levels.