Palm oil down on European vegoils market

Palm oil on the European vegetable oils market eased on Monday on expectations that improved production and slow exports could cause a higher Malaysian palm oil stocks figure at the end of February. Asking prices for palm oil were between $5 and $12.50 a tonne down from Friday after Malaysian palm oil futures closed between nine and 58 ringgit per tonne lower on disappointing Malaysian palm oil exports during the first 25 days of February.
"Palm oil exports were about the same as in the month before but a tad down from the figures for February 1-20 and that is not very promising for the whole month, which already ends tomorrow," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.06 and 0.30 cents per lb down because of pressure from the ongoing harvest of an expected record-large soya crop in Brazil, and forecasts for an expansion in US soyabean plantings this spring. EU rapeoil was offered at between four and nine euros per tonne lower, following weaker Chicago soyaoil futures and tracking easier rapeseed futures, on the outlook for brighter global oilseeds supplies.