08302016Tue
Last update: Tue, 30 Aug 2016 11pm

Agriculture and Allied: World

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The following were Monday's Rotterdam vegetable oil prices at 1600 GMT:
US grain elevators on the Mississippi and Illinois Rivers on Friday cut their spot basis bids for soyabeans while corn bids were mixed, merchants said. A western Mississippi river terminal slashed soyabean bids by 19 cents per bushel after filling their needs for August and September, a grain merchant said. Corn and soyabean bids at elevators and processors in the Midwest were generally steady as corresponding futures for both grains on large US crop prospects.
ICE Canadian canola futures eked out small gains on Friday, nudged higher by weakness in the Canadian dollar, but they registered a weekly loss. Demand concerns overhang canola with China set to toughen a shipping standard on September 1, but Canadian sales to China have continued. November canola gained 10 cents at $459.70 per tonne, lost 2.3 percent for the week.
Palm oil prices were mostly flat to slightly higher on Friday although remained below week earlier levels with vegetable oil markets dragged down by weakness in CBOT soyabean oil. RBD palm olein offers ranged from $2.50 to $7.50 a tonne higher with January/March shipment last traded at $647.50 a tonne, up $2.50 from last business on Thursday. Prices were, however, still slightly below week earlier levels after falling sharply on Thursday, dragged down partly by a sharp setback in CBOT soyaoil.
EU rapeseed oil prices were sharply lower on Thursday, erasing some of this month's strong gains, tracking weakness in CBOT soyabean oil. Sellers cut asking prices for EU rapeoil by 5 to 11 euros a tonne, with Nov/Jan now offered at 734 euros, still 43 euros above end-July levels. The decline mirrored a sharp setback in CBOT soyabeans and soyabean oil linked to an improving outlook for the US crop.
Export premiums for soyabeans shipped from the US Gulf Coast were unchanged on Friday but slightly firmer on the week as good demand from mostly top importer China has supported values despite expectations for a record US crop, traders said. Farm newsletter Pro Farmer on Friday projected US soyabean production at a record 4.093 billion bushels, above the US Agriculture Department's forecast for 4.060 billion.
Malaysian palm oil futures fell on Monday evening, hitting a two-week low and a third straight session of declines due to weaker crude oil prices and a technical correction. Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.4 percent to 2,517 ringgit ($623) per tonne at the end of the trading day. It earlier reached an intraday low of 2,512 ringgit, its weakest level since August 12.