By FWi staff
AFTER rising for weeks, world vegetable oil prices were sharply lower last week, with soya oil losing nearly US$20/t.
Malaysian palm oil exports have been slow during April, generally reflecting limited buying demand for edible oils from traditional importers.
European rapeseed prices usually follow those of Chicago soya oil.
However, Matif rapeseed futures gained 2.50 for old crop and 75¢ for new-crop seed. The May contract even reached a high of 214/t early in the week.
EU cash and futures rapeseed markets remained steady amid a tight old-crop supply, steady crusher demand, and short covering.
Fresh lows of the Euro against the Dollar – despite an increase in Eurozone interest rates – lent additional price support.
UK oilseed markets were quiet last week, with old-crop delivered rapeseed marginally lower and new-crop 1-2 down. The strong Pound continues to pressure the market.