European vegoils jump with CBOT on bullish USDA data

ROTTERDAM: The European vegetable oil market jumped on Thursday following a rally in CBOT futures on US Department of Agriculture crop data, market sources said.

"Smaller-than-expected corn and soybean crops in the US caused futures to jump sharply, but soon after the opening levels eased off a little. The European cash market followed, and prices jumped some 10 euros after the release of the crop figures," one broker said.

At 1630 GMT CBOT soyoil futures were between 0.25 and 1.18 cents per lb up on the USDA data and stronger mineral oil prices.

Liquid oils were offered between 12 and 35 euros per tonne up from Wednesday following the trend in Chicago and a rally in rapeseed futures. Nov/Jan EU rapeoil changed hands at 935 euros per tonne fob exmill, up 15 euros from Wednesday and both Feb/April and May/July traded 12 euros up at 920 and 930 euros fob.

Palm oil was offered $20-$25 a tonne up from Wednesday after Malaysian palm oil futures gained as much as 56 ringgit per tonne on buying ahead of the USDA crop data, which was expected to boost CBOT.

Oct/Dec RBD palm olein changed hands between $1,072.50 and $1,080 a tonne fob Malaysia, up $10 from Wednesday, Jan/March traded $17.50 up between $1,055 and $1,075 and April/June fetched between $1,057.50 and $1,067.50, up $12.50 from Wednesday.

September shipment crude palm oil traded $27.50 up from Wednesday at $1,065 a tonne cif Rotterdam, November shipment changed hands at $1,065 and Jan/March traded $20 up at $1,065 cif.

Lauric oils were offered $25 to $60 a tonne up from Wednesday following rival palm and soyoil. Coconut oil changed hands at $1,380 a tonne cif Rotterdam for Sept/Oct, and palmkernel oil traded at $1,350 a tonne cif Rotterdam for Aug/Sept and Sept/Oct fetched $1,360 cif.

Copyright Reuters, 2011