Asking prices on the European vegetable oil market were slightly firmer on Friday on concerns that the United States' drought-hit soyabean crop yields were lower than the government forecast. "Prices are firm on concerns about the soyabean and corn yields in this year's US crops," one trader said. "Soyabean supply will be tight and some demand will shift from more expensive soyaoil to cheaper palm oil."
Palm oil was offered flat to $12.50 a tonne up from Thursday, after Malaysian palm oil futures closed between five and 20 ringgit up, rising 3.6 percent in a second straight weekly gain on global oilseed supply fears and rising export demand. October-December RBD palm olein traded $5 up from Thursday at between $1,000 and $1,010 a tonne fob Malaysia and January-March changed hands at between $1,020 and $1,027.50. At 1700 GMT CBOT soyaoil futures were between 0.08 and 0.11 cents per lb up with soyabean futures on worries over the state of the US soyabean crop.
Liquid oils - soyaoil, rapeoil and sunoil - were offered between one and five euros per tonne up following firmer CBOT soyaoil futures and slightly higher rapeseed futures. November-January EU rapeoil changed hands at between 1,011 and 1013 euros per tonne fob exmill, four euros up from Thursday. Lauric oils were offered between $5 and $10 up from Thursday, following the trend in rival palm oil. Soyabeans rose 1 percent and were on track to post the biggest weekly gain in a month ahead of final crop estimates from the Pro Farmer tour of the Midwest this week, expected to come in below current government forecasts.
Comments
Comments are closed.