Palm oil on the European vegetable oils market eased on Thursday because a stronger ringgit could dampen export demand, triggering some technical selling in Malaysian palm oil futures. Palm oil was offered between $10 and $20 a tonne lower, also pressured by sharply lower CBOT soyaoil futures. Malaysian palm oil futures closed between four and 32 ringgit per tonne down.
At 1730 GMT CBOT soyaoil futures were between 0.55 and 0.79 cents per lb down because of technical selling and position-squaring ahead of Friday's USDA reports. Strong crop prospects in Brazil also weighed. Liquid oils - EU rapeoil, soyaoil and sunoil - were quoted between four and ten euros per tonne down from Wednesday, tracking weaker CBOT soyaoil futures and lower rapeseed futures on positioning ahead of Friday's USDA data also weighed.
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