ROTTERDAM: The European vegetable oils market started stronger on the first trading day of 2013 on Wednesday, along with a jump in futures markets, after the United States avoided a fiscal crisis.
* "The European cash market started the year slow, but asking prices were up with stronger palm oil, soy oil and mineral oil. Buyers were mostly holding back because they believe that the fact that the US did not fall off the fiscal cliff does not make the global economy any better than it was a few months ago," one broker said.
* At 1700 GMT CBOT soyoil was between 0.73 and 1.15 cents per lb up but substantially off earlier highs after soymeal and soybean futures trended lower on technical selling.
* Liquid oils - soyoil, rapeoil and sunoil - were offered 15 to 20 euros up from Monday in anticipation of a strong Chicago opening after the New Year's holiday, higher mineral oil values and strong rapeseed futures.
* Both Feb/April and May/July EU rapeoil changed hands at 910 and 915 euros a tonne fob exmill.
* Palm oil was offered between $17.50 and $25 a tonne up after Malaysian palm oil futures closed up between 43 and 67 ringgit per tonne, partly due to hopes a new tax structure would have a positive effect on crude palm oil exports.
* April/June RBD palm olein changed hands between $867.50 and $882.50, and July/Sept traded between $887.50 and $902.50.
* Lauric oils followed the trend in rival palm oil and were offered between $10 and $25 a tonne up from Monday. with asking prices hardly tested and no deals were reported.
Center>Copyright Reuters, 2013
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