Palm oil on the European vegetable oils market remained firm on Wednesday, tracking higher Malaysian palm oil futures on the back of expectations that by September Malaysia's crude palm oil export duty could be cut to zero.
Malaysian's crude palm oil export duty for August was set at 4.5 percent. Asking prices for palm oil were between $2.50 and $5 a tonne higher after Malaysian palm oil futures closed between four and 25 ringgit per tonne up in a technical rebound following a dip earlier in the session.
At 1630 GMT, CBOT soyaoil futures were between 0.05 and 0.17 cents per lb down on technical selling and because of a sharp fall in energy markets. Lower energy prices could cause reduced demand for vegetable oils from biodiesel producers.
EU rapeoil continued firmer with asking prices between unchanged and nine euros per tonne higher on worries about the size of this year's rapeseed crop in Europe due to hot and dry weather.
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