Palm oil on the European vegetable oils market eased on Wednesday after Malaysian palm oil stocks rose, while lower exports in the first 10 days of November and a stronger ringgit also weighed on Malaysian palm oil futures. "The drop in palm oil did not exert much extra buying interest for palm as buyers think levels could come down even more as sentiment is turning bearish," one broker said.
Palm oil was offered between $10 and $15 a tonne down from Tuesday after Malaysian palm oil closed between 41 and 52 ringgit per tonne down from Monday on an unexpected rise in production and a slightly stronger ringgit. Malaysian markets were closed on Tuesday because of a public holiday. At 1730 GMT CBOT soyaoil futures were between 0.03 and 0.13 cents per lb down due to a record large US soyabean and because of a dip in energy markets.
Liquid oils - EU rapeoil, soyaoil and sunoil - were mostly offered between one and 11 euros per tonne lower on the back of recent losses in CBOT soyaoil after the USDA on Monday raised yields and ending stocks for soyabeans in its latest crop and supply/demand report. Lower energy prices and a slightly easier dollar, which weighs on euro-priced products, also weighed.
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