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MARKET DEVELOPMENT
European Vegoils-Palm Oil Dips on Output Outlook, Midwest Rains
calendar04-08-2017 | linkReuters | Share This Post:

04/08/2017 (Reuters) - Palm oil on the European vegetable oils market eased on Thursday on forecasts for rising Malaysian palm oil production and due to lower CBOT soyoil futures on the back of beneficial rains in the U.S. soybean belt.

Asking prices for palm oil were between $7.50 and $12.50 per tonne lower after Malaysian palm oil futures closed between two and 42 ringgit per tonne down due to forecasts for rising output and weaker performing related edible oils.

"U.S. weather is the main trigger for the market to come down, but we are not at the end of the weather market yet," one broker said.

At 1630 GMT, CBOT soyoil futures were between 0.32 and 0.76 cents per lb down, tracking sharply lower Chicago soybeans on rains in the U.S. Midwest that should bolster yields.

EU rapeoil fell between two and 12 euros per tonne, tracking the dip in CBOT soyoil futures and due to easier rapeseed futures on a brighter global oilseeds outlook.

Lauric oils were mostly offered between $5 and $30 a tonne lower, tracking the trend in palm and soyoil and because of a lack of buying interest. EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Oct/Dec 647.50/635 (-10) Jan/Mar 652.50/647.50 (-5)

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne Oct/Dec 655

RAPEOIL Dutch/EU, euros a tonne fob exmill Aug/Oct 2018 693 (-4)