Palm oil on the European vegetable oils market was firmer on Tuesday, underpinned by stronger Malaysian palm oil futures, a bullish price outlook and a weaker dollar. Asking prices for palm oil were between unchanged and $5 a tonne up from Monday as the weaker dollar underpinned dollar-priced products. Malaysian palm oil futures closed between 23 and 33 ringgit per tonne higher after industry analyst Thomas Mielke forecast prices to rise in the next six months due to a dip in production this year.
At 1630 GMT, CBOT soyaoil futures were between 0.03 and 0.16 cents per lb lower, tracking weaker Chicago soyabeans on the back of expectations for a record-large US soyabean harvest, and worries about African swine fever in China's hog herd that could potentially curb demand for soyameal.
Weaker energy markets also weighed. EU rapeoil was mostly quoted between one and four euros per tonne down from Monday, tracking weaker Chicago soyaoil futures and pressured by a weaker dollar, which weighs on euro-priced products. Coconut oil was offered between $5 and $15 a tonne lower as more aggressive sellers entered the market, but the gap between buyers and sellers was still too large for deals to be done.