The European vegetable oil market rose on Friday after the US Federal Reserve launched a new round of aggressive economic stimulus, which sent agricultural futures, mineral oil and equities up. "Fed decided to pump some 40 billion dollar per month in buying mortgage-backed debt and that was seen hopeful for the global economy and sent markets, including the European cash market higher, and caused pre-weekend buying on concern that prices could firm further," one broker said.
At 1700 GMT CBOT soyoil futures were between 0.09 and 0.55 cents per lb higher on the Fed stimulus and strong mineral oil. Liquid oils - soyoil, sunoil and rapeoil - were offered between five euros per tonne up and one euro down from Thursday supported by the trend in Chicago and mineral oil, while a weak dollar against the euro, which weighs on euro-priced products, capped gains.
November-January EU rapeoil changed hands at between 1,002 and 997 euros per tonne fob exmill, unchanged from Thursday and February-April also traded unchanged between 999 and 995 euros fob. EU sunoil traded $5 up from Thursday at $1,330 a tonne extank for January-March. Palm oil was offered between $7.50 and $20 a tonne up from Thursday, supported by the dollar and Chicago after Malaysian palm oil futures closed between six and 41 ringgit a tonne up on optimism about the Fed stimulus.
November-December RBD palm olein changed hands between $990 a tonne fob Malaysia, January-March traded $22.50 up from Thursday between $1,002.50 and $1,015 and April/June fetched between $1,010 and $1,020, up $20. Crude palm oil traded between $992.50 and $1,000, October shipment changed hands at $1,000, November-December fetched 41,005 and $1,007.50 and $1,017.50 was paid for January-March.
Lauric oils traded as much as $32.50 up from Thursday with sellers withdrawing afterwards as the weak dollar, which supports dollar-priced products and the trend in rival palm oil caused hopes for even higher levels in the near future. Coconut oil changed hands at $995 a tonne cif Rotterdam, up $32.50 a tonne from Thursday for October-November and December-January palmkernel oil fetched $1,000 a tonne cif Rotterdam, up $15 from Thursday.