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Thursday, May 26, 2022

Rapeoil underpinned by CBOT soyoil gains

Rapeoil underpinned by CBOT soyoil gainsLONDON: EU rapeseed oil asking prices were little changed on Friday with support from gains in Chicago soybean oil futures offset by the strength of the euro.

Dealers said the market was partly adjusting to gains in Chicago on Thursday when much of Europe was on holiday.

July soyoil rose 0.10 cents to 31.13 cents a lb on Thursday and was holding around that level on Friday.

A monthly report issued by the US Department of Agriculture (USDA) on Thursday was seen as mildly supportive.

The USDA, in its first official supply/demand forecasts for the new crop year, projected 2018-19 world soybean ending stocks at 86.70 million tonnes, below an average of trade estimates for 90.52 million.

The euro rose for a second day on Friday as the dollar retreated further from a 2018 peak reached earlier this week.

Crude palm oil offers were raised by $2.50 to $5 a tonne, boosted partly by gains in CBOT soyoil. There was little activity in palm oil products due to a holiday in Malaysia.

Activity in laurics was also subdued, with sellers trimming offers for coconut oil and raising slightly asking prices for palmkernel oil. Buyers, however, remained on the sidelines and no trades were reported.

Copyright Reuters, 2018

Source: Brecorder

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