European vegoils-Palm oil easier on bearish production and stocks outlook

ROTTERDAM: Palm oil on the European vegetable oils market was lower on Thursday, following the weaker trend in Malaysian palm oil futures, which eased on expectations of increased production and growing palm oil stocks in both Malaysia and Indonesia.

Asking prices for palm oil were between $2.50 and $7.50 a tonne lower after Malaysian palm oil futures closed between eight and 17 ringgit per tonne down.

At 1630 GMT, CBOT soyoil futures were between 0.02 and 0.48 cents per lb higher, following a rally in soybeans on strong U.S. export sales and due to short covering.

EU rapeoil was mostly quoted between two and four euros per tonne lower on the back of a weaker dollar, which weighs on euro-priced products. Easier energy markets, which could reduce demand for vegetable oil by biodiesel producers, also weighed.

Coconut oil was quoted between $2.50 a tonne down and $5 a tonne higher, underpinned by the weak dollar, which supports products priced in that currency. Palmkernel oil was offered between $10 a tonne up and $25 a tonne lower, tracking weakness in palm oil and because sellers were reducing prices to find buyers.

EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Oct 540 Nov/Dec 547.50 Jan/Mar 567.50/563 (-7) Apr/Jun 580 (-5)

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne  Oct 537.50/532.50 (-7.50) Dec 550 Jan/Mar 575 (-5)

RAPEOIL Dutch/EU euro tonne fob exmill May/Jul 693

PALMKERNEL OIL Mal/Indo, dollars a tonne cif Rotterdam Dec/Jan 840 Feb/Mar 850

PLEASE NOTE - As of September 26, Source code RTRS will be replaced with CRF and will include product code CFRA. You may need to adjust news filters to continue getting this report in your news window.