Palm oil on the European vegetable oils market eased on Tuesday on slowing Malaysian palm oil export growth, which also weighed on futures. Asking prices for palm oil were between $2.50 and $10 a tonne lower after Malaysian palm oil futures closed between 21 ringgit and 31 ringgit a tonne down, also pressured by profit taking after recent gains.
"Growth in the February 1-20 export numbers was smaller than in those for the first 15 days of the month, which was enough of a worry to weigh on prices," one broker said. CBOT soyaoil futures were between 0.09 and 0.26 cents per lb higher at 1730 GMT, tracking a rally in CBOT soyabeans on continuing worries that despite some weekend rain, persisting hot and dry weather in Argentina could damage soyabean crops and reduce yields. Firmer energy markets also underpinned soyaoil values.
EU rapeoil was offered between 2-3 euros a tonne higher, tracking strength in Chicago soyaoil futures. Rapeseed futures took their cue from higher CBOT soyabeans and also supported rapeoil. Some players noted that at current levels there was more willingness to sell than to buy rapeoil. Lauric oils were mostly offered between unchanged and $12.50 a tonne down from Monday, following easier palm oil and pressured by lack of buying interest and a firmer dollar, which weighs on products quoted in the currency.