Palm oil on the European vegetable oils market continued to ease on Wednesday in thin trade ahead of a public holiday in most of Europe on Thursday. Asking prices for palm oil were mostly offered between unchanged and $10 a tonne down after Malaysian palm oil futures closed between 14 and 41 ringgit per tonne lower as they tracked weaker soyaoil on the Chicago Board of Trade and China's Dalian Commodity Exchange. A stronger dollar also weighed on prices.
"It was a boring day ahead of Ascension Day holiday mostly because a lack of fresh market moving news," one broker said. At 1630 GMT, CBOT soyaoil futures were between 0.05 cents per lb up and 0.11 cents lower pressured by wet weather in parts of the US Midwest, which may slow planting or prompt farmers to switch some corn acres to soyabeans. Easier energy markets also put pressure on the market. EU rapeoil was offered between three euros a tonne lower and two euros up, with new crop material supported by buying interest and due to slightly easier rapeseed futures, tracking lower Chicago soyabeans.
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