MARKET DEVELOPMENT
European Vegoils Narrowly Mixed Ahead of USDA Data
European Vegoils Narrowly Mixed Ahead of USDA Data
01/04/2016 (Reuters) - Most products on the European vegetable oils market hovered around unchanged on Thursday ahead of the USDA's planting intentions and quarterly stocks reports, which were issued too late in the European day for players to react to.
"Most of the market sat back and waited for the fresh data and we only saw a few trades here and there. The real impact, if any, of the reports will be on Friday," one broker said.
Palm oil was mostly offered between $2.50 a metric ton up and $2.50 down from Wednesday after Malaysian palm oil futures closed between 12 and 29 ringgit per metric ton lower as a stronger ringgit dragged the market down, outweighing an improvement in export demand.
At 1630 GMT CBOT soyoil futures were between 0.18 cents per lb down and 0.31 cents higher on a weak dollar and stronger energy markets.
EU rapeoil was offered between one euro per metric ton up and two euros lower on the back of a weak dollar, which weighs on euro-priced products. Easier rapeseed futures also weighed.
Coconut oil continued to rise on worries over tight copra supplies due to the El Nino weather pattern, which could cut yields, and were offered between $10 and $35 a metric ton higher. Palmkernel oil followed the trend in palm oil futures and were offered $20 to $25 a metric ton down from Wednesday. The premium of coconut oil over palmkernel oil was around $275 a metric ton.
PALM OLEIN RBD, dollars a metric ton fob Malaysia Jul/Sep 700/708 (+3) Oct/Dec 680/682.50 (-2.50)
COCONUT OIL Phil/Indo, dollars a metric ton if Rotterdam Jun/Jul 1640
"Most of the market sat back and waited for the fresh data and we only saw a few trades here and there. The real impact, if any, of the reports will be on Friday," one broker said.
Palm oil was mostly offered between $2.50 a metric ton up and $2.50 down from Wednesday after Malaysian palm oil futures closed between 12 and 29 ringgit per metric ton lower as a stronger ringgit dragged the market down, outweighing an improvement in export demand.
At 1630 GMT CBOT soyoil futures were between 0.18 cents per lb down and 0.31 cents higher on a weak dollar and stronger energy markets.
EU rapeoil was offered between one euro per metric ton up and two euros lower on the back of a weak dollar, which weighs on euro-priced products. Easier rapeseed futures also weighed.
Coconut oil continued to rise on worries over tight copra supplies due to the El Nino weather pattern, which could cut yields, and were offered between $10 and $35 a metric ton higher. Palmkernel oil followed the trend in palm oil futures and were offered $20 to $25 a metric ton down from Wednesday. The premium of coconut oil over palmkernel oil was around $275 a metric ton.
PALM OLEIN RBD, dollars a metric ton fob Malaysia Jul/Sep 700/708 (+3) Oct/Dec 680/682.50 (-2.50)
COCONUT OIL Phil/Indo, dollars a metric ton if Rotterdam Jun/Jul 1640