European vegoils- Palm oil eases on concerns over rising stockpiles
GDYNIA, November 1 (Refinitiv) - Palm oil on the European vegetable oils market was mostly easier on Wednesday tracking a weaker tone in Malaysian palm oil futures on concerns over rising stockpiles and weakness in rival oils.
Asking prices for palm oil were mostly between $5 a tonne lower and $10 a tonne up from Tuesday following softer Malaysian palm oil futures.
Indonesia's August palm oil exports dropped 55% on year to 2.07 million tonnes, association GAPKI said on Friday.
At 1700 GMT, CBOT soyoil futures were between 0.02 and 0.07 cent per pound higher with Chicago Soybean. Futures rose due to strong export demand for soybean meal, soybean oil and and robust U.S. soy crush margins.
EU rapeoil was quoted 10 euros per tonne higher due to demand from biodiesel industry. Rising crude oil prices amid geopolitical tensions in the Middle East also supported prices.
Lauric oils were mostly offered between $5 per tonne down and $25 per tonne higher due to active imports.