Palm oil on the European vegetable oils market eased on Tuesday on a technical dip in CBOT soyaoil futures despite Malaysian palm oil futures rising on improved export numbers. Asking prices for palm oil were between unchanged and $5 a tonne lower, also pressured by a stronger dollar.
Malaysian palm oil futures closed between 5 and 17 ringgit a tonne higher on the back of the improved exports during the first 20 days of March. CBOT soyaoil futures were between 0.17 and 0.42 cents per lb down at 1730 GMT on technical selling by Chicago traders, who bought back soyameal contracts on technicals and for short-covering.
EU rapeoil was quoted between flat and 2 euros a tonne up from Monday on the stronger dollar, which underpins euro-priced products. A rally in energy markets was also supportive because it could boost rapeoil demand from biodiesel producers.