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MARKET DEVELOPMENT
European Vegoils-Palm Oil Down on Ending Stocks Concerns
calendar28-02-2017 | linkReuters | Share This Post:

28/02/2017 (Reuters) - Palm oil on the European vegetable oils market eased on Monday on expectations that improved production and slow exports could cause a higher Malaysian palm oil stocks figure at the end of February.

Asking prices for palm oil were between $5 and $12.50 a tonne down from Friday after Malaysian palm oil futures closed between nine and 58 ringgit per tonne lower on disappointing Malaysian palm oil exports during the first 25 days of February.

"Palm oil exports were about the same as in the month before but a tad down from the figures for February 1-20 and that is not very promising for the whole month, which already ends tomorrow," one broker said.

At 1730 GMT CBOT soyoil futures were between 0.06 and 0.30 cents per lb down because of pressure from the ongoing harvest of an expected record-large soy crop in Brazil, and forecasts for an expansion in U.S. soybean plantings this spring.

EU rapeoil was offered at between four and nine euros per tonne lower, following weaker Chicago soyoil futures and tracking easier rapeseed futures, on the outlook for brighter global oilseeds supplies.

Lauric oils were mostly offered at between $5 and $25 a tonne down, following the trend in palm and soy oils. Sellers were still lowering price levels in the hope of finding buyers.

EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Apr/Jun 660/655 Jul/Sep 635/630 (-7.50)

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne cif Rotterdam Apr 705 Apr/Jun 697.50 (-10)

RAPEOIL Dutch/EU, euros a tonne fob exmill May/Jul 793 (-5) Aug/Oct 658/655 Nov/Jan 658/655