Rapeoil eases in slow trade on European vegoils market

Rapeoil on the European vegetable oils market was offered lower in slow trade due to the absence of players for Asia's Lunar New Year and carnival celebrations in parts of Europe. At 1730 GMT CBOT soyaoil futures were between 0.17 and 0.54 cents per lb down on weekend rains in Argentine soyabean growing areas and follow-through technical selling from Friday. Weaker energy markets also weighed.
EU rapeoil was offered between two and six euros per tonne down, tracking CBOT soyaoil and weakness in rapeseed futures on the back of a brighter oilseed supply outlook. Crude palm oil was mostly offered between unchanged and $5 a tonne down from Friday, tracking weaker energy and due to slack demand because of lack of Asian players. Malaysian palm oil futures will stay closed on Tuesday and re-open on Wednesday. Lauric oils remained extremely quiet with asking prices between $2.50 and $12.50 up from Friday. Prices were supported by a weak dollar and because of continued concerns over lower yields because of the El Nino weather pattern.