Palm oil on the European vegetable oils market eased slightly on Thursday but trade was quiet due to the absence of direction from Malaysian palm oil futures because of a public holiday. Asking prices for palm oil were mostly between unchanged and $2.50 a tonne lower pressured by technical weakness in CBOT soyaoil futures. "Forecasts for rain in Argentina weighed on soyaoil and palm oil followed that trend, but the market remained slow due to the absence of Malaysian players," one broker said.
At 1830 GMT, CBOT soyaoil futures were between 0.05 and 0.13 cents per lb lower on technical selling triggered by forecasts for much needed showers in parts of Argentina and because of disappointing US weekly export sales. Firmer energy markets limited losses in soyaoil. EU rapeoil was quoted between four and six euros per tonne down from Wednesday, following easier Chicago soyaoil futures and pressured by weaker rapeseed futures on expectations for improved Argentine crop weather.
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