Palm oil edges up on European vegoils market

Palm oil on the European vegetable oils market firmed on Friday, tracking slightly higher Malaysian palm oil futures on talk about lower than expected production growth. Asking prices for palm oil were mostly between $2.50 and $7.50 a tonne higher after Malaysian palm oil futures closed between 4 ringgit and 12 ringgit a tonne up. "A weaker ringgit, which makes palm oil cheaper for foreign buyers, also supported futures," one broker said.
CBOT soyaoil futures were between 0.01 and 0.21 cents per lb down on positioning ahead of next week's USDA crop and supply/demand reports. A steep fall in energy markets also weighed, though losses were limited by concern over harvest-delaying rains in parts of the US soyabean belt. EU rapeoil was offered between 1 euro a tonne up and 1 euro down from Thursday, partly tracking the weaker tone in Chicago soyaoil futures while a slightly softer dollar also weighed on euro-priced products. Underlying demand and mixed rapeseed oil capped losses.