"Palm oil trade was slow today, although bids and offers were not far apart. It is a tug of war between exports and production, whether stocks will rise or fall at the end of the month," one broker said. At 1600 GMT, CBOT soyaoil futures were between 0.18 and 0.32 cents per lb higher on concerns over hot and dry weather in the US Midwest. Stronger energy markets also underpinned soyaoil futures. EU rapeoil was mostly quoted between one and five euros per tonne down on technicals and lower rapeseed futures. Both firmer CBOT soyaoil and a slightly stronger US dollar, which underpins euro-priced products, limited losses.
"Palm oil trade was slow today, although bids and offers were not far apart. It is a tug of war between exports and production, whether stocks will rise or fall at the end of the month," one broker said. At 1600 GMT, CBOT soyaoil futures were between 0.18 and 0.32 cents per lb higher on concerns over hot and dry weather in the US Midwest. Stronger energy markets also underpinned soyaoil futures. EU rapeoil was mostly quoted between one and five euros per tonne down on technicals and lower rapeseed futures. Both firmer CBOT soyaoil and a slightly stronger US dollar, which underpins euro-priced products, limited losses.