Palm oil on the European vegetable oils market eased on Friday following a sell-off in global commodity markets and a lower Malaysian ringgit. "The weaker levels for many products on the European cash market were mostly the effect of the US Federal Reserve saying they are ready to cut back bond buying," one broker said.
Palm oil was offered between $2.50 and $12.50 a tonne down from Thursday after Malaysian palm oil futures closed down between 2 and 24 ringgit per tonne down. Both declines were part of a broad sell-off in commodities markets after the Fed said it would scale back its economic stimulus from mid-2014. Losses were limited by hopes that the low ringgit would support palm oil demand.
August-September RBD palm olein traded $10 down from Thursday at between $797.50 and $802.50, while October-December changed hands between $785 and $790, also down $10, and January-March was down $12.50 at $790. July crude palm oil at $860 a tonne cif Rotterdam was switched into October-December at $835 plus $25. October-December plus $10 was switched into April/June.
• At 1630 GMT CBOT soyaoil futures were down between 0.29 and 0.35 cents per lb following weaker mineral oil and lower outside markets on the back of Fed remarks late on Wednesday. Liquid oils - soyaoil, rapeoil and sunoil - were offered between 5 and 10 euros per tonne down from Thursday in line with CBOT soyaoil, weaker rapeseed futures and lower mineral oil values. August-October EU rapeoil traded 8 euros per tonne down from Thursday at between 807 and 805 euros per tonne fob exmill. Lauric oils were hardly discussed, with asking prices mostly unchanged from Thursday.
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