Palm oil on the European vegetable oils market eased on Friday, heeding a weaker trend in Malaysian palm oil futures on news that Malaysia would resume an export tax on crude palm oil.
Malaysia said on Friday it would set its crude palm oil export tax at 5 percent for May, according to the Malaysian Palm Oil Board, citing the national customs department.
Asking prices for palm oil were between $2.50 and 7.50 per tonne lower after Malaysian palm oil futures closed between 15 and 30 ringgit per tonne down. Expectation for a slowdown in Malaysian palm oil export growth during April also weighed.
At 1630 GMT, CBOT soyaoil futures were barely changed as technical weakness in Chicago soyabean futures was offset by stronger energy markets.
EU rapeoil was quoted between two euros per tonne higher and one euro per tonne down as nearby supplies were supported by technicals and tight nearby supplies.
"There are shorts for April. May/July, which is normally more expensive than Aug/Oct, is now lower due to the influx of Argentine and Indonesian biodiesel. But the gap between May/July and August/October will close soon," one broker said.
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