ROTTERDAM: Asking prices on the European vegetable oils market were narrowly mixed on Friday, with participants trying to assess conflicting signals.
"Backlogs at Brazilian ports could cause more demand for US soybeans, which do not have big old crop stocks left," one broker said. But he said a dip in mineral oil prices below $92 and large world oilseed stocks could put pressure on the market.
At 1630 GMT CBOT soyoil futures were between 0.42 and 0.54 cents per lb down with weak mineral oil and follow-through selling on slightly larger US soyoil stocks. <0#ZL:> <0#CL:>
Liquid oils - soyoil, rapeoil and EU rapeoil - were offered between one euro per tonne up and five euros down from Thursday mostly in line with CBOT soyoil and weaker rapeseed futures, although old crop contracts were firmer on expectations for tight supplies. <0#COM:>
Aug/Oct EU rapeoil changed hands at 864 and 859 euros per tonne fob exmill, down four euros from Thursday.
July/Sept EU Sunoil traded $5 up from Thursday at $1,210 a tonne extank.
Palm oil was offered between $2.50 up and $7.50 a tonne down from Thursday after Malaysian palm oil futures closed two and eight ringgit down on worries that bird flu in China could lead to lower feed use and bring commodity prices down. <0#FCPO:>
July/Sept RBD palm olein changed hands at $810 a tonne fob Malaysia, down $5 from Thursday.
Crude palm oil changed hands at $837.50 a tonne cif Rotterdam for both April and May shipment, while April was also switched into May with even money.
Lauric oils were offered between unchanged and $5 a tonne up from Thursday, but sellers found little follow-through buying and no trades were reported.
<Center><b><i>Copyright Reuters, 2013</b></i><br></center>
Comments
Comments are closed.