Last update: Thu, 26 May 2016 03pm

Agriculture and Allied: World


Wednesday's Rotterdam vegetable oil prices at 1700 GMT.
Soyabean spot basis bids were steady to higher across the US Midwest on Tuesday with supply deliveries slowing as farmers work in the fields while capitalising on warmer drier weather, dealers said. Farmers were also less eager sellers as they awaited further direction from soyabean futures that finished weak on the day.
US soyabean futures jumped 3 percent on Wednesday, the biggest gain for the most-active contract in two weeks, boosted by concerns about a possible shortage of soyameal from Argentina. US wheat futures rose on short-covering and forecasts of unfavourable rain in the US Plains grain belt, while corn advanced to a one-month high on technical buying.
Malaysian palm oil futures rose for a second consecutive day, making their sharpest gains in three weeks and outpacing a stronger ringgit as they track improving rival oils in China.
Raw sugar on ICE jumped 3 percent and neared a 22-month high on Wednesday, on a sign of physical demand and technical buying, while the London cocoa market's premium over the New York market surged to the highest in more than 1-1/2 years. Robusta coffee prices were little changed, hovering below last week's nine-month high, while arabica nudged down to a three-week low.
European wheat futures were slightly higher on Tuesday, supported by stronger US markets and the euro's weakness against the dollar but plentiful harvest prospects capped prices, traders said. After trading in negative territory in morning trade, September milling wheat on Paris-based Euronext was 0.3 percent higher by 1618 GMT at 163.50 euros a tonne.
Wheat futures on the Chicago Board of Trade closed higher Tuesday on short-covering after a four-session slide pressed the spot July contract to a 1-1/2 week low, traders said. CBOT July wheat settled up 2 cents at $4.64 per bushel.