ROTTERDAM: Palm oil on the European vegetable oils market eased slightly on Thursday following MPOB supply/demand data and Chinese soybean cancellations weighed on most other products.
"Malaysian palm oil stocks were slightly up as output exceeded demand in March, which weighed on prices on the European cash market. Wednesday's USDA supply/demand data was initially slightly bullish, but strength swiftly vanished because of profit taking and talk about Chinese cancellations of US and Brazilian soybean contracts," one broker said.
Palm oil was offered between unchanged and $7.50 a tonne down from Wednesday after Malaysian palm oil futures closed between six ringgit per tonne up and six ringgit down, pressured by bearish MPOB stocks but losses were limited by slightly stronger Malaysian palm oil exports during the first 10 days of April.
At 1730 GMT CBOT soyoil futures were between 0.44 and 0.52 cents per lb down on profit taking following Wednesday's gains and because of concern about top buyer China defaulting on purchases of US soybeans. Chinese importers have defaulted on at least 500,000 tonnes of US and Brazilian soybean cargoes, trade sources said.
Liquid oils - EU soyoil, rapeoil and sunoil - were offered between unchanged and five euros per tonne down from Wednesday in sympathy with CBOT soyoil and weakness in rapeseed futures, which tracked Chicago soybeans. A weak dollar also weighed on euro-priced products.
Lauric oils were offered between $10 a tonne up and $15 down from Wednesday, partly following weakness in palm oil while a weak dollar underpinned dollar-priced products. Worries over tight copra supplies also supported coconut oil.
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