Palm oil on the European vegetable oils market was mostly lower on Friday following Malaysian palm oil futures which eased on forecasts for higher production figures and higher closing stocks in August. Asking prices for palm oil were between $2.50 a tonne up and $7.50 down after Malaysian palm oil futures closed between four and 15 ringgit per tonne lower. Malaysian markets will be closed on Monday and Tuesday for public holidays.
At 1630 GMT, CBOT soyaoil futures were between 0.24 and 0.38 cents per lb lower as Chicago traders were buying soyameal contracts and selling soyaoil futures. Weaker energy markets also weighed. EU rapeoil was quoted between one and five euros per tonne lower, tracking weaker Chicago soyaoil futures and pressured by weaker energy prices, which could cause decreased demand for vegetable oils from biodiesel producers.
Lauric oils were offered between unchanged and $20 a tonne down from Thursday, following easier palm oil and pressured by a stronger dollar, which weighs on products quoted in that currency. Lack of demand also weighed.