European vegoils: more demand for rapeseed oil as price drops
Europe's vegetable oil market again saw active rapeseed oil trade on Monday, with buyers taking adva…Europe's vegetable oil market again saw active rapeseed oil trade on Monday, with buyers taking advantage of lower prices caused by falling US soyabean and soyaoil prices in Chicago, traders said. August/October 2014 delivery rapeseed oil traded at 638 euros and 640 euros a tonne fob ex-mill against 645 euros traded on Friday, when there had also been brisk rapeseed oil demand.
November 2014/January 2015 delivery rapeseed oil traded at 647 and 648 euros, down from 653 euros a tonne traded on Friday, traders said. "Weaker prices caused by falling Chicago soyaoil and prospects for a large rapeseed harvest in the EU this summer are creating buying opportunities," one trader said. US soyabean futures fell on Friday as forecasts for rain in the US Midwest added to expectations the US soyabean crop should pass through key stages of development without dryness stress.
In the palm oil complex, crude palm oil for August delivery was quoted in Europe up $5 a tonne at $815 a tonne cif. Demand was again present for refined, bleached and deodorised (RBD) palm olein, with a range of trades taking place for delivery between October/December 2014 and January/March 2015, traders said. RBD palm olein for September delivery ended the day unchanged at $757.50 a tonne fob Malaysia.
