Palm oil on the European vegetable oils market was mostly easier on Wednesday despite gains in Malaysian palm oil futures on the back of expectations of smaller Malaysian palm oil ending stocks in March. The cash market was pressured by sharp losses in CBOT soyaoil on news that China wanted to impose a 25 percent import duty on US soyabeans.
Asking prices for palm oil were mostly unchanged and $5 a tonne lower after Malaysian palm oil futures closed between 10 and 17 ringgit higher. At 1600 GMT, CBOT soyaoil futures were between 0.35 and 0.66 cents per lb down, tracking sharply lower Chicago soyabean futures on the Chinese announcement that it planned to impose a 25 percent tariff on imports of US soyabeans.
EU rapeoil was quoted between two and 13 euros per tonne lower, following the lower trend in CBOT soyaoil and pressured by easier rapeseed futures.
Lauric oils were offered between flat and $10 a tonne higher, underpinned by some underlying demand and tracking the firmer trend in palm oil futures.