Palm oil on the European vegetable oils market eased on Friday due to profit taking in Malaysian palm oil futures following recent gains. Asking prices for palm oil were mostly between unchanged and $12.50 a tonne down after Malaysian palm oil futures closed between 21 and 35 ringgit per tonne lower. "The easier levels in palm oil were expected following higher Malaysian palm oil ending stocks in April and because of still growing production numbers," one broker said.
At 1630 GMT CBOT soyaoil futures were between 0.17 and 0.37 cents per lb higher on technical buying as Chicago dealers bought soyaoil futures and sold soyameal contracts because of larger-than-expected world soyabean ending stocks for both the 2016/17 and 2017/18 marketing years. EU rapeoil was mostly offered between one and three euros per tonne down from Thursday because of a dip in the dollar, which weighs on euro-priced products.
Sellers in coconut oil withdrew ahead of the weekend after front positions traded $25 up from a $100 drop the day before on short covering. Palmkernel oil was offered $15 to $20 up in sympathy and because of the weak dollar, which supports products quoted in that currency, and because of improved demand.
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