Palm oil on the European vegetable oils market eased on Tuesday following technical weakness in Malaysian futures ahead of fresh MPOB supply/demand and stocks data due on Wednesday. Asking prices were between unchanged and $12.50 a tonne lower after Malaysian palm oil futures closed between 25 and 38 ringgit per tonne down on profit taking and speculation already huge Malaysian palm oil stocks could grow further in Wednesday's MPOB report.
"Sentiment is turning bearish again ahead of the MPOB data as palm oil output during December, although decreasing, could still outpace improving exports," one broker said. At 1830 GMT, CBOT soyaoil futures were mostly between 0.10 and 0.17 cents per lb higher on technicals, and because of stronger energy markets.
Gains were limited by the belief among analysts that the USDA is going to raise its forecast for both US 2017/18 soyabean ending stocks and Brazil's soyabean crop in its report due on Friday. EU rapeoil was mostly quoted between two and three euros per tonne lower on positioning ahead of Friday's USDA data. Lauric oils eased between $5 and $30 a tonne, tracking weaker palm oil and because a stronger dollar weighed on products quoted in that currency. Sellers also lowered levels in order to attract buyers, who have been hard to find lately.
Comments
Comments are closed for this article.