Palm oil on the European vegetable oils market eased on Wednesday as weakness in CBOT soyaoil futures dragged prices back after a strong start to the day on worries over tight supplies and a slowing decline in Malaysian palm oil exports. In slow trade ahead of the New Year holiday palm oil was mostly offered between $2.50 and $15 a tonne down. Malaysian palm oil futures closed in a tight range at between 9 ringgit a tonne up and 7 ringgit down.

CBOT soyaoil futures were between 0.29 and 0.54 cents per lb lower at 1730 GMT on positioning ahead of the new year, dragged down by weakness in Chicago soyabeans. EU rapeoil was offered between flat and 5 euros a tonne down from Tuesday, following the weaker trend in the Chicago soyacomplex, which also weighed on rapeseed futures.

Copyright Reuters, 2016