Prices were generally firm in Europe's vegetable oil market on Wednesday, in cautious dealing before new crop estimates were published by the US Department of Agriculture (USDA) at the end of the European session. Main European trade was reported in palm olein, coconut oil rapeseed oil and palmkernel oil.
"The USDA's new estimates came right at the end of the European trading day and there was a risk-off mood for most of the day," one European trader said. "The continued rise in Malaysian palm oil markets was a supportive factor." The USDA raised its forecast for an already-record US soyabean harvest as the crop benefited from timely rains throughout August. But most-active Chicago December soyaoil was up 1.3 percent after the USDA report.
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