European vegetable oils ease in thin trade ahead of USDA data
Most products on Europe's vegetable oils market eased on Monday in slow trade ahead of the USDA's ac…Most products on Europe's vegetable oils market eased on Monday in slow trade ahead of the USDA's acreage and stocks reports, which were issued too late in the European day for market players to react. "The stocks data was seen bearish and USDA dropped substantially right after the data was published, which indicates that tomorrow the European cash market could be a buyers market and we go down even further," one broker said.
At 1730 GMT, CBOT soyaoil futures were between 0.76 and 0.93 cents per lb lower following a sharp fall in Chicago soyabeans because of the higher than expected stocks figures. Before the release of the USDA data, EU rapeoil was offered between four and 10 euros per tonne down as players positioned ahead of the fresh stocks figures. EU soyabean oil was offered higher, with firmer levels in Chicago soyabeans in anticipation of a very low stocks number.
Palm oil was offered between unchanged and $10 a tonne down from Friday after Malaysian palm oil futures closed between seven and 22 ringgit lower as weakness in overseas soya markets weighed, although hopes of a recovery in demand because of slightly improved Malaysian palm oil exports for June curbed losses. Lauric oils were offered between $20 a tonne up and $20 a tonne down from Friday, partly underpinned by technical support and a weak dollar, which supports dollar-priced products. Weaker rivals palm oil and soyaoil weighed.
