Palm oil firmer on European vegoils market

Palm oil on the European vegetable oils market was offered firmer on Thursday but well off the day's highs on technical weakness in rival CBOT soyaoil. Asking prices for palm oil were mostly between $5 and $7.50 a tonne up on follow-through buying from Wednesday after Malaysian palm oil futures closed between two and six ringgit per tonne higher.
CBOT soyaoil futures were between 0.12 and 0.29 cent per lb down as Chicago traders bought soyameal futures and sold soyaoil contracts on concerns that rains in parts of the US soyabean belt could delay the ongoing harvest. EU rapeoil was offered between one and four euros per tonne higher, supported by a stronger dollar, which underpins euro-priced products.