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European vegoils-Palm oil down with futures on ringgit and soyoil

European vegoils-Palm oil down with futures on ringgit and soyoil

Tue Nov 14 2017


Palm oil on the European vegetable oils market mostly eased on Monday, following Malaysian palm oil futures that dipped on a strong ringgit and because of weaker rival soyoil.


Asking prices for palm oil were mostly between $5 and $12.50 a ton lower after Malaysian palm oil futures closed between 25 and 38 ringgit a ton down, with the stronger ringgit weighing on futures because it makes palm oil more expensive for foreign buyers.


“The stronger ringgit gave some support to prices on the European cash market, but it was not enough to offset bearish signals,” one broker said.


CBOT soyoil futures were between 0.42 and 0.50 cents per lb down at 1630 GMT on technical selling and beneficial crop weather in South America.


EU rapeoil was mostly offered between unchanged and 10 euros a ton down from Friday, tracking lower Chicago soyoil futures and because of weaker rapeseed futures on the outlook of ample world oilseed supplies. A weaker dollar, which weighs on euro-priced products, added to the weakness in rapeoil.


Lauric oils were mostly offered between flat and $20 a ton down, following the weaker trend in palm oil and pressured by a lack of buyers.


Source: Reuters

Technical Research
Tuesday, October 16, 2018
CBOTSoy OilDec1829.829.8829.5729.66
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