Palm oil on the European vegetable oils market eased slightly on Tuesday on expectations of a slowdown in export growth during October versus an increase in production. Asking prices for palm oil were mostly between unchanged and $2.50 a tonne lower after Malaysian palm oil futures closed between five and 16 ringgit per tonne down.
"It looks like Malaysian palm oil futures dealers think production is going to win this month's tug of war and already huge Malaysian palm oil stocks will grow further," one broker said. At 1600 GMT CBOT soyaoil futures were between 0.06 and 0.14 cents per lb down on technical selling and because of better than expected progress of the US soyabean harvest.
The USDA late on Monday said the US soyabean harvest was 70 percent complete, up from 49 percent a week earlier and near the five-year average of 73 percent. The average trade expectation was for 64 percent. EU rapeoil was offered between two euros per tonne lower and four euros higher, supported by technicals and due to a rise in energy markets. Weaker rapeseed futures on the back of a brighter world oilseed supply outlook, limited gains.
Lauric oils were offered between $5 and $20 a tonne higher, on concerns of tight copra supplies and supported by a weaker dollar, which underpins products priced in that currency.
Comments
Comments are closed for this article.