Palm oil on the European vegetable oils market was offered in a tight range on Wednesday as stronger Malaysian palm oil futures on the back of bargain buying were offset by expectations that production will increase in July. Asking prices for palm oil were between $2.50 a tonne up and $2.50 down after Malaysian palm oil futures closed between eight and 18 ringgit per tonne higher after hitting a three-year low earlier in the session.
At 1630 GMT, CBOT soyoil futures were between 0.09 and 0.19 cents per lb higher, tracking a slightly firmer tone in Chicago soybean futures and because of higher energy markets.
EU rapeoil was offered between four and six euros per tonne higher as both stronger energy markets and worries over the current hot and dry spell in Europe, which could hurt the rapeseed crop, underpinned prices.
Lauric oils were mostly offered between $5 a tonne higher and $10 a lower. Stronger palm oil futures supported prices in coconut oil, while lack of demand weighed on the palmkernel oil market.