European vegoils rise with Chicago, crude oil

AMSTERDAM, Feb 8 (Reuters) - Prices on European vegetable oils markets rose on Monday, following Chicago markets higher ahead of the U.S. Department of Agriculture's monthly crop reports expected on Tuesday, traders said.
`Short covering on the CBOT ahead of the USDA report tomorrow led to higher levels for some commodities,` one broker said.

At 1744 GMT CBOT soyoil futures were between 1.00 and 1.40 cents per lb higher.

Rapeseed and soybean oil in Europe were quoted several euros higher since Friday, after EU rape oil for May/July delivery changed hands at 650 and 655 euros a tonne fob exmill.

Palm oil was offered up to about $10 higher on Monday, after Malaysian palm oil futures closed between 24 and 40 ringgit per tonne higher, underpinned by a rebound in crude oil and soy prices.

RBD palm olein trades included April/June at $777.50 and $780 a tonne fob Malaysia. Crude palm oil trades included March at $790 cif Europe and April/June at $792.50.

Lauric oils were offered mixed, with coconut oil quoted slightly lower while palmkernel oil was quoted up to $5 higher since Friday.

Source : Reuters