Palm oil on the European vegetable oils market was offered mostly easier on Friday after Malaysian palm oil futures dropped on weak export numbers for June. Asking prices for palm oil were between $7.50 a tonne lower and $5 higher after Malaysian palm oil futures closed between 5 ringgit and 21 ringgit a tonne up. "Disappointing palm oil exports against increasing production could lead to higher Malaysian palm oil stocks, which could further weigh on prices soon," one broker said.
Malaysian palm oil stock figures for June are expected to be issued on July 10. CBOT soyaoil futures were between 0.01 cents and 0.15 cents per lb higher at 1630 GMT on the back of a rally in soyabean futures because of slightly larger than expected US soyabean acreage and spillover strength from wheat, which showed the lowest acreage number on record. Stronger energy markets also underpinned soyaoil futures. EU rapeoil was offered barely changed from Thursday, with strength in Chicago soyaoil futures offset by pressure from a weaker dollar on euro-priced products.
Lauric oils were mostly quoted between unchanged and $40 a tonne up, supported by dollar weakness and underlying buying interest.
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