Palm oil on the European vegetable oils market continued to fall on Friday, on expectations production will rise in the coming months, while exports were still seen slow. Asking prices for palm oil were mostly between $7.50 and $15 a tonne lower after Malaysian palm oil futures closed between 47 and 73 ringgit per tonne down.
"Sentiment turned bearish, with the still huge palm oil stocks probably growing again in the next months and because of a bumper South American soybean crop due to be harvested," one broker said.
At 1730 GMT, CBOT soyoil futures were between 0.32 and 0.63 cents per lb down on technical selling and spillover weakness from corn and wheat futures. The outlook for a bumper South American soybean crop and weaker energy markets also weighed.
EU rapeoil continued to ease, with asking prices between eight and 10 euros per tonne down from Thursday. Weakness in CBOT soymeal futures sparked spillover selling. Lower rapeseed futures, on a brighter global oilseeds supply outlook, also weighed. Weakness in rival oils and fading fears for tight supplies caused asking prices for lauric oils to drop between $15 and $60 a tonne, but still buyers did not show to test the market.
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