Palm oil on the European vegetable oils market was mostly firmer on Thursday because of lower Malaysian palm oil stocks and improved Malaysian palm oil exports during the first 10 days of July. Palm oil was mostly offered between unchanged and $5 a tonne up from Wednesday after Malaysian palm oil futures closed between flat and 23 ringgit a tonne up following an industry report that showed that stocks sank to a one-year low.
"The MPOB (Malaysian Palm Oil Board) report was seen as a touch below expectations, which kept movements limited. Many players expect a somewhat bearish USDA crop and supply/demand report, keeping buyers sidelined," one broker said. USDA (US Department of Agriculture) crop and supply demand data are due late in the European afternoon on Friday. At 1730 GMT CBOT soyoil futures were between 0.08 and 0.21 cents per lb up as traders took positions ahead of Friday's USDA report. Steadier mineral oil offered support. Liquid oils - EU rapeoil, soyoil and sunoil - continued to fall, with prices offered between unchanged and five euros per tonne down from Wednesday on the back of outlooks for ample world oilseed supplies, which also pressured rapeseed futures.
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