Prices in Europe's vegetable oil market were generally weak on Thursday in a pullback following sharp rises on Wednesday as benchmark Malaysian palm oil and Chicago soyoil futures fell. "There was some purchase interest in palm olein oil, crude palm oil, rapeseed oil and palmkernel oil as markets pulled back," one European trader said.
Malaysian palm oil futures reversed recent strength in late trade on Thursday as export demand remained weak. Nearby Chicago soyoil was down about 0.8 percent in early Thursday trade, with soybean futures falling from eight-month highs as forecasters predicted less rain in Argentina after downpours damaged the new crop being harvested. In Europe, May/July delivery rapeseed oil fell 2 euros to 713 a tonne fob ex mill, as soyoil dropped. May/July rapeseed oil also traded at 711 euros a tonne.
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