Palm oil on the European vegetable oils market dropped on Thursday following losses in futures market, on forecasts for improving crop weather in the US Midwest and due to technical selling following recent gains. Asking prices for palm oil were between unchanged and $12.50 a tonne lower after Malaysian palm oil futures closed between 17 and 26 ringgit per tonne up.
"Sharply lower CBOT soyaoil on expected cooler weather in the US Midwest triggered the fall in the European cash market," one broker said. At 1630 GMT CBOT soyaoil futures were between 0.09 and 0.35 cents per lb lower, tracking weaker Chicago soyabean futures. EU rapeoil was offered at between seven and 15 euros per tonne down from Wednesday, tracking weaker Chicago soyaoil futures and sharply lower rapeseed futures on technical selling. Lauric oils were offered at between $15 a tonne higher and $15 lower. The spread between coconut oil and palmkernel oil was $570 a tonne for July/August shipment.
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