Soyaoil was buoyed by firm US prices in Europe on Wednesday, palmoil was supported by strong Malaysian markets while rapeseed eased in late trade as prices neared what traders saw as a resistance. European soyaoil gained 10 euros at 730 euros a tonne, pulled up by a jump on US markets, as a deal on debt neared.
Rapeseed oil prices, which had risen slightly in morning trade edged lower later, with November/December down 2.00 euros at 741 euros per tonne. It had risen to 747 euros in earlier trade. One trader said he did not expect rapeoil prices to rise higher than 750 euros for the time being. "We have enough oil, there is a lot of canola heading to Rotterdam until December so there is no chance that the market will go very high," he said.
Rapeoil FOB exmill traded at 741 euros for January/March and 742/743 for February/March. Palmoil was supported by a high ringit and a rise in Malaysian palm oil futures, which closed around 40 ringgit per tonne up, on hefty export number in the first half of October.
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