Rapeoil on the European vegetable oils market fell on Wednesday due to weak demand and ample supply. Rapeoil was offered between three and five euros per tonne down from Tuesday, following the trend in CBOT soyaoil and rapeseed futures, which dipped on the outlook for ample global oilseed supplies.
"Rapeoil is too expensive compared to palm oil and at the moment there are no buyers for serious quantities in front positions. The low energy prices also keep demand for biodiesel oil on hold," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.19 and 0.45 cents per lb down on technical selling and due to beneficial crop weather in the US Midwest.
Palm oil was mostly offered between $5 and $12.50 a tonne after Malaysian palm oil futures closed between 17 and 27 ringgit per tonne down on weak energy prices and cheaper soyaoil. Buyers are awaiting Thursday's August 1-20 Malaysian palm oil exports. Lauric oils were offered between $5 a tonne down and $5 up from Tuesday in slow trade with still more sellers than buyers around. Weakness in other oils and mineral oil also weighed, while some support came from a slightly weaker dollar, which underpins prices quoted in that currency.
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