European vegoils: palm oil up on expectations for lower stocks

Palm oil on the European vegetable oils market firmed on Monday on expectations that Malaysian palm oil stocks fell in February, which underpinned palm oil futures. "The Malaysian market is still optimistic about a cut in ending stocks despite a drop of around 17 percent in exports during February and talk that production could be better than expected earlier," one broker said.
Palm oil was offered between $2.50 and $7.50 a tonne higher after Malaysian palm oil futures closed between five and 17 ringgit per tonne up and 14 ringgit up as traders expect to see that inventories dipped below the 2 million tonne mark at the end of February. At 1730 GMT CBOT soyaoil futures were between 0.17 and 0.36 cents per lb lower due to ample world oilseed supplies and technical selling on larger than expected deliveries against March futures on the first notice day. EU rapeoil was mostly offered between one and two euros per tonne down from Friday, tracking weaker Chicago soyaoil and slightly easier rapeseed futures, because of a bright global oilseed supply outlook.