Asking prices on the European vegetable oils were mixed on Friday in a lackluster mood ahead of USDA's crop and supply/demand reports, which were issued too late in the day for most European players to react to. "Most of the movement came through currencies with the firmer Malaysian ringgit supporting palm prices, while euro-priced material eased on a weaker dollar. First view reaction on the USDA data was neutral to mildly bullish for soyabeans," one broker said.
USDA pegged US soyabean yields in October at 47.2 bushels per acre, which could lead to the second largest harvest in history. Ending stocks were put at 425 million bushels, lower than September's 450 million, but higher than average trade expectations of 414 million. At 1730 GMT CBOT soyaoil futures were between 0.16 cents per lb down and 0.13 cents up in early reaction to USDA's reports, with the ongoing US harvest limiting gains.
Liquid oils -rapeoil, sunoil, soyaoil- were mostly offered between five and seven euros per tonne down from Thursday, pressured by weakness in rapeseed futures ahead of the USDA data and due to a weaker dollar, which weighs on euro-priced products. Palm oil was offered between unchanged and $15 a tonne up from Thursday, supported by the strength in the ringgit, which at the same time caused Malaysian palm oil futures to close between 52 and 64 ringgit per tonne down. Expectations for a bearish outlook on key industry data that will be released next week also pressured futures. Lauric oils were between $10 and $30 a tonne down after sellers accepted some lower bids in coconut oil on the back of weakness in palm oil futures.
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