Palm oil on the European vegetable oils market was offered mostly firmer on Wednesday ahead of Thursday's Malaysian palm oil exports figures for the first 20 days of July. Asking prices for palm oil were mostly between unchanged and $5 a tonne higher after Malaysian palm oil futures closed between two ringgit per tonne down and 13 up on expectations of stronger cargo surveyor data on Thursday.
"Palm oil trade was slow today, although bids and offers were not far apart. It is a tug of war between exports and production, whether stocks will rise or fall at the end of the month," one broker said. At 1600 GMT, CBOT soyaoil futures were between 0.18 and 0.32 cents per lb higher on concerns over hot and dry weather in the US Midwest. Stronger energy markets also underpinned soyaoil futures. EU rapeoil was mostly quoted between one and five euros per tonne down on technicals and lower rapeseed futures. Both firmer CBOT soyaoil and a slightly stronger US dollar, which underpins euro-priced products, limited losses.
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