European vegoils mostly down on fear of larger stocks

ROTTERDAM: The European vegetable oil market was mostly easier on Thursday in sympathy with palm and soyoil futures on prospects for larger world oilseed stocks and because of disappointing palm oil exports for February.

"Bearish sentiment and fears that already huge palm oil stocks could rise further following the lower-than-expected export numbers weighed on values. Buyers were mostly holding back, waiting for the market to bottom out, but keeping their eyes open for bargains," one broker said.

Palm oil was offered between unchanged and $7.50 a tonne down from Wednesday, slightly off the day's lows, after Malaysian palm oil futures closed between 11 and 24 ringgit per tonne down on the weak export number and renewed concerns that palm oil stocks could grow again.

April/June RBD palm olein traded unchanged from Wednesday between $805 and $815, July/Sept changed hands between $807.50 and $817.50, up $2.50, Oct/Dec fetched $820, down $5 and $827.50 was paid for Jan/March.

At 1700 GMT CBOT soyoil was between 0.19 and 0.64 cents per lb down on lower than expected weekly export numbers for soyoil and investors buying soymeal while selling soyoil.

EU soyoil was offered three to six euros down from Wednesday in sympathy with CBOT soyoil, but buyers were showing little interest. EU rapeoil was offered flat to three euros up on the back of steadier rapeseed futures and a firmer dollar, which underpins euro-priced products.

May/July EU rapeoil traded one euro per tonne up from Wednesday at 895 and 896 euros per tonne fob exmill.

EU sunoil traded at $1,232.50 a tonne extank for July/Sept and Oct/Dec changed hands at $1,210.

Lauric oils were offered between $5 and $15 a tonne down from Wednesday in sympathy with palm oil and because of the stronger dollar, which weighs on dollar-priced products. No deals were reported.