European vegoils ease on bearish USDA data
Posted by Labels: 2011 News, Futures Edible Oil, palm oil
ROTTERDAM: The European vegetable oil market eased on Friday in thin trade as bearish USDA supply/demand data kept many buyers sidelined, market sources said.
"Markets are still digesting the outcome of the euro summit and higher ending stocks for US soybeans, corn and wheat. Players were holding back ahead of the release of the USDA data, and when they were seen bearish buyers mostly stayed on the sideline ahead of the weekend," one broker said.
At 1730 GMT, CBOT soyoil futures were between 0.98 and 1.16 cents per lb down on the back the bearish USDA data and a recovery of the dollar during the European day.
Liquid oils, soyoil, sunoil and rapeoil, were quoted between two and 12 euros per tonne down from Thursday following the trend in Chicago and weaker rapeseed futures. EU rapeoil changed hands at 940 and 938 euros per tonne fob exmill, down five euros from Thursday, Aug/Oct traded at 907 euros and Nov/Jan fetched 909 and 907 euros.
Palm oil was offered between $5 and $15 a tonne down from Thursday following the sharp drop in Chicago soyoil after Malaysian palm oil futures closed between unchanged and 11 ringgit per tonne down awaiting the outcome of the EU summit and the USDA report.
April/June RBD palm olein changed hands between $1,040 and $1,045 a tonne fob Malaysia, down $5 from Thursday and July/Sept traded between $1,029 and $1,034 fob. December shipment crude palm oil changed hands at $1,025 a tonne cif Rotterdam, Jan/March traded at $1,030 and April/June traded $7.50 up $1,045 cif.
Lauric oils were offered flat and $5 a tonne down from Thursday, following the trend in palm oil after Jan/Feb coconut oil changed hands at $1,385 a tonne cif Rotterdam, while no business was seen in palmkernel oil.
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