Last update: Fri, 28 Oct 2016 03pm

Agriculture and Allied: World


The following were Thursday's Rotterdam vegetable oil prices at 1600 GMT:
Malaysian palm oil futures dipped on Thursday as selling in the Chinese markets and concerns over weak exports outweighed benefits from a weaker ringgit. Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange closed 0.3 percent lower at 2,789 ringgit ($666.91) a tonne at mid-day break. Traded volumes stood at 55,748 lots of 25 tonnes each.
Prices rose sharply in Europe's vegetable oil market on Monday, pushed up by a surge in Malaysian palm oil and in US soyaoil futures in Chicago, traders said. Main European trade was reported in palm olein, rapeseed oil and coconut oil. Benchmark Malaysian palm oil futures rose 3.6 percent on Monday to their highest in two and a half years on indications of sluggish palm production and following sharp gains in soyaoil on China's Dalian Commodity Exchange and the Chicago Board of Trade.
ICE Canadian canola futures dropped on Tuesday, pressured by a pickup in commercial hedges and weakness in rival vegetable oils palm and soyaoil. November canola lost $1.10 at $507 per tonne. January canola gave up 40 cents at $513.70. November-January canola spread traded 12,024 times, and was a major trading feature, with the November contract expiring next month.
Wheat prices in western Europe were mostly steady on Tuesday, supported by a seven-month low for the euro and a latest import tender by Egypt that should absorb more Black Sea supplies. Price movements were limited, however, as benchmark Paris futures stayed within a well-established range and ample supplies continued to keep a lid on international prices.
Soyabean futures on the Chicago Board of Trade firmed on Thursday on technical buying, strong export demand and spillover strength from soyameal, traders said. CBOT November soyabeans settled up 4-1/4 cents at $10.14-1/4 per bushel. CBOT soyameal futures were the biggest mover in the soya complex, with the December contract settling up $8.50, or 2.7 percent, at $327.60 per short ton, as traders booked profits by unwinding long soyaoil/short soyameal spreads.
Benchmark Tokyo rubber futures recovered from a sharp fall intraday to close firmer on Thursday, near a five-month high hit early last week, mirroring highly volatile Shanghai futures. The Tokyo Commodity Exchange (TOCOM) rubber contract for April delivery finished higher by 2.9 yen, or 1.6 percent, at 181.9 yen ($1.74) per kg, after tumbling to a low of 178.3 yen in mid-day following a sudden drop in Shanghai futures.