Palm oil on the European vegetable oils market eased on Monday because of a dip in soyaoil futures on beneficial rains in the US Midwest and lower Malaysian Palm oil futures on a stronger ringgit and expectations of higher production. Asking prices for palm oil were mostly between $2.50 and $10 a tonne lower after Malaysian palm oil futures closed between 17 and 25 ringgit a tonne down but well off the day's lows.
"The European cash market is mostly dominated by currencies and American weather. The overall weakness, with probably more to come, discouraged many buyers," one broker said. CBOT soyaoil futures were between 0.20 and 0.27 cents per lb down at 1630 GMT, supported by crop-boosting rains in the US Midwest and forecasts for more rain and cooler temperatures. EU rapeoil followed the weaker trend in CBOT soyaoil and was mostly offered between 3 euros and 12 euros a tonne lower, tracking weaker Chicago soyaoil futures and because of follow-through technical selling in European rapeseed futures. Lauric oils were offered between $20 a tonne up from Friday and $20 down. Buyers were hard to find.
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