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Friday's Rotterdam vegetable oil prices at 1600 GMT.

Malaysian palm oil futures ended lower on Friday, reversing gains in the morning session to post their fourth straight weekly loss, as weaker-than-expected export data and jitters over rising global oilseed supply dragged. Palm oil prices had edged up to 2,294 ringgit in early trade as investors short-covered positions ahead of the long weekend. Malaysian markets will be closed on Monday and Tuesday for the Eidul Fitr holiday.
US soyabean prices rose to a near two-week high on Thursday on firm export demand and concerns that dry weather in parts of the Midwest crop belt might jeopardise yield prospects, traders said. However, the market pared gains late and corn futures fell to fresh four-year lows, retreating from early gains. Wheat also fell. At the Chicago Board of Trade, the front August soyabean contract settled up 6-1/2 cents at $12.07-1/2 a bushel after reaching $12.32-3/4, the highest spot price since July 11.
US FOB Gulf soyabean basis offers were firm for October and November loadings on Thursday after China posted its biggest weekly soyabean sales in months, traders said. Corn basis offers were also steady to firm and wheat mostly steady with tight logistics keeping rail and barge freight firm into year end.
ICE Canadian canola futures rose on Thursday for a second straight day, due to modest short-covering and higher soybean prices. US Department of Agriculture's report of higher than expected US soybean exports lifted soybean futures, and the strength spilled over to canola.
Palm oil on the European vegetable oils market continued to ease on Wednesday on an outlook for ample global oilseed supplies and cautious expectations that Malaysian palm oil production in July could outpace demand, adding to already large stocks. "Concerns among speculators that Malaysian palm oil stocks could grow again plus a strong ringgit, which could reduce demand, made Malaysian palm oil futures slide again, while most other products were firmer on short covering and bargain hunting," one broker said.
Hard red winter wheat spot basis bids in the US Plains were steady on Thursday, merchants said. Drought in the US High Plains continued to decline, according to a report issued Thursday by a consortium of state and federal climatologists. The Drought Monitor report also showed improved conditions in the US South. Both regions are key HRW wheat-growing areas. Protein premiums for railcar wheat to and through Kansas City were 2-20 cents a bushel higher. Kansas City September wheat futures were at $6.24 early Thursday.
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