ROTTERDAM: Liquid oils on the European vegetable oil market rose on Wednesday on worries of a reduced South American soybean crop and because of firm rapeseed futures on worries for winterkill damage, market sources said.
"The worries that the frost in large parts of Europe after a mild start of the winter created talk that early grain and rapeseed plants might not survive without sufficient snow cover, which supports prices," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.25 and 0.34 cents per lb up following expectations for a smaller South American soybean crop and fears for winterkill damage in Europe.
Liquid oils - soyoil, rapeoil and sunoil - rose between six and 15 euros per tonne up from Tuesday following strong rapeseed futures and the firmer trend in Chicago soyoil.
EU rapeoil changed hands at 970 euros per tonne fob exmill for May/July, up six euros from Tuesday and Aug/Oct, the first new crop position, traded 15 euros up at 930 euros fob. EU sunoil fetched $1,195 and $1,200 a tonne extank for April/June, $10 up from Tuesday, July/Sept traded at $1,205 and Oct/Dec changed hands at $1,200.
Palm oil was scarcely offered due to the absence of a direction from Malaysian palm oil futures and the absence of Asian players due to a public holiday.
Indicative asking prices were $5 to $7.50 a tonne up from Tuesday on the stronger trend in Chicago and due to a weak dollar. April/June RBD palm olein changed hands at $1062.50 a tonne fob Malaysia, $5 up from Tuesday. Crude palm oil traded $7.50 a tonne up at $1,067.50 a tonne cif Rotterdam for March shipment and July/Sept traded $5 up at $1,065 cif.
Lauric oils were offered hardly changed from Tuesday due to lack of participation from Asian players and no deals were reported.
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