Palm oil on the European vegetable oils market eased on Wednesday following a dip in Malaysian palm oil futures on the back of weak Malaysian exports and due to lower CBOT soyaoil futures. Asking prices for palm oil were between $7.50 and $15 a tonne lower after Malaysian palm oil futures closed between 17 and 35 ringgit per tonne lower. Malaysian palm oil exports dropped between 11 and 14 percent during the first 15 days of August compared to the same period last month.
At 1630 GMT, CBOT soyaoil futures were between 0.35 and 0.41 cents per lb lower, tracking weaker Chicago soyabeans as weather forecasts strengthen expectations for a bumper soyabean harvest. A sharp drop in energy markets and a larger than expected NOPA soyaoil stocks number weighed also. EU rapeoil was mostly quoted between unchanged and five euros per tonne lower, tracking losses in Chicago soyaoil futures and because of easier rapeseed futures, which tracked CBOT soyabeans down on a brighter world oilseed supply outlook. A strong dollar, which underpins euro-priced products, limited losses.
Lauric oils were quoted between unchanged and $20 a tonne lower, following the weaker trend in palm oil and because of a dip in soyaoil. The strong dollar also weighed on products priced in that currency.
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