MARKET DEVELOPMENT
European vegoils - Rapeoil Firms After Crusher Fire, Palm Oil Little Changed
European vegoils - Rapeoil Firms After Crusher Fire, Palm Oil Little Changed
16/01/2014 (The Star) - Rapeoil on the European vegetable oils market firmed on Wednesday on bargain hunting and covering following a fire at one of Germany's largest crushers.
* A fire damaged the Power Oil Rostock plant in the eastern port of Rostock, with capacity of up to 1 million tonnes of seed annually.
* "Rapeoil moved up a little in an otherwise uninspired market with most of the sentiment leaning toward bearish," one broker said.
* EU rapeoil was offered between 5 and 10 euros per tonne up from Tuesday due to the crusher fire, as well as a mild rebound in CBOT soyoil futures and strength in rapeseed futures.
* At 1700 GMT CBOT soyoil futures were between 0.07 and 0.17 cents per pound, up in sympathy with gains in soybean futures on hopes for supportive monthly NOPA crush data.
* Feb/April EU rapeoil traded unchanged from Tuesday at € 690 per tonne fob exmill; May/July changed hands between €697 and €700; Aug/Oct fetched €694 and €695 euros; and €699 was paid for Nov/Jan.
* Palm oil was offered little changed after Malaysian palm oil futures closed between RM6 and RM37 per tonne up due to bargain-hunting after the market dropped early in the session on poor Malaysian palm oil exports during the first 15 days of January. Palm oil futures were closed on Tuesday for a public holiday.
* April/June RBD palm olein changed hands at US$790 and US$787.50; July/Sept traded at US$780; and Oct/Dec fetched US$775 fob.
* Lauric oils were quoted between unchanged and US$15 a tonne up from Tuesday, following gains in palm oil futures. Buyers showed little interest at the current levels and no deals were reported – Reuters.
* A fire damaged the Power Oil Rostock plant in the eastern port of Rostock, with capacity of up to 1 million tonnes of seed annually.
* "Rapeoil moved up a little in an otherwise uninspired market with most of the sentiment leaning toward bearish," one broker said.
* EU rapeoil was offered between 5 and 10 euros per tonne up from Tuesday due to the crusher fire, as well as a mild rebound in CBOT soyoil futures and strength in rapeseed futures.
* At 1700 GMT CBOT soyoil futures were between 0.07 and 0.17 cents per pound, up in sympathy with gains in soybean futures on hopes for supportive monthly NOPA crush data.
* Feb/April EU rapeoil traded unchanged from Tuesday at € 690 per tonne fob exmill; May/July changed hands between €697 and €700; Aug/Oct fetched €694 and €695 euros; and €699 was paid for Nov/Jan.
* Palm oil was offered little changed after Malaysian palm oil futures closed between RM6 and RM37 per tonne up due to bargain-hunting after the market dropped early in the session on poor Malaysian palm oil exports during the first 15 days of January. Palm oil futures were closed on Tuesday for a public holiday.
* April/June RBD palm olein changed hands at US$790 and US$787.50; July/Sept traded at US$780; and Oct/Dec fetched US$775 fob.
* Lauric oils were quoted between unchanged and US$15 a tonne up from Tuesday, following gains in palm oil futures. Buyers showed little interest at the current levels and no deals were reported – Reuters.