European vegetable oils fall with Chicago on good supply outlook
July 31, 2013
Most products on the European vegetable oils market were offered easier on Monday because of beneficial crop weather in the US soyabean belt and a good supply outlook. “The market came under pressure again after a light rebound ahead of the weekend due to mostly bearish clues, like the weather, crop forecasts and other markets were not performing that well also. Buyers were mostly sidelined, waiting to see a solid bottom,” one broker said.
Liquid oils – soyaoil, rapeoil and sunoil, were offered between 10 and 11 euros per tonne down from Friday, following the trend in CBOT soyaoil and because of weaker rapeseed futures, which fell on pre-expiry selling and weakness in soyabeans on an outlook for ample world oilseed supplies. EU rapeoil changed hands at 730 and 729 euros per tonne fob exmill for November-January. Palm oil was offered between $7.50 and $15 a tonne down from Friday, pressured by rival soyaoil after Malaysian palm oil futures closed between four and 23 ringgit a tonne down on the outlook for a bumper US soyabean crop, but a weak ringgit, which makes palm oil cheaper in other currencies, limited losses. Courtesy Reuters
Published in ZaraiMedia.com