Palm oil prices on the European vegetable oils market were firmer on Thursday following stronger Malaysian palm oil futures, which rose on a weak ringgit and on anticipation of bullish USDA crop and supply/demand reports, ignoring bearish MPOB data and weak exports during the first 10 days of August. The USDA data was issued late in the European day on Thursday, too late for players to react to.
"Malaysian palm oil stocks rose more than expected and Malaysian palm oil exports for Aug 1-10 were lower compared to the same period last month. Nevertheless futures rose on currency and on thoughts USDA reports could be bullish over disappointing soyabean yields," one broker said. Asking prices for palm oil were between $5 and $10 per tonne higher after Malaysian palm oil futures closed between 26 and 35 ringgit per tonne lower up.
At 1630 GMT CBOT soyaoil futures were between 0.20 and 0.34 cents per lb lower, turning down from around 0.40 cents up when USDA showed higher than expected yields for soyabeans and an increase in ending stocks. EU rapeoil was offered between five and 11 euros per tonne up from Wednesday, following the substantially higher tone in CBOT soyaoil futures ahead of the release of the USDA data. Lauric oils were offered between $30 a tonne up and $20 down, supported by some underlying demand and strong palm oil prices.
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