European vegoils: palm oil eases on export worries

Palm oil on the European vegetable oils market was offered slightly lower on Friday because of worries over slow exports set against improved production. "It was an uninspiring day with a lack of fresh news and the recycling of old leads and bearish sentiment," one broker said. Palm oil was mostly offered $2.50 to $10 a tonne down after Malaysian palm oil futures closed between one and 12 ringgit per tonne lower as buyers purchased soyaoil instead.
At 1630 GMT CBOT soyaoil futures were between 0.05 cents per lb down and 0.05 cents higher, pressured by improved weather in Argentina and slightly easier energy markets. Steadier soyabean futures on technicals lent some support. EU rapeoil was mostly between three and seven euros per tonne lower on the back of a weak dollar, which weighs on euro-priced products and weakness in rapeseed futures. Lauric oils were offered between $5 and $30 a tonne down from Thursday, tracking weakness in palm oil on talk of improved production and slack demand.