07282016Thu
Last update: Thu, 28 Jul 2016 05am

Agriculture and Allied: World

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The following were Wednesday's Rotterdam vegetable oil prices at 1600 GMT:
US soyabean futures jumped 2 percent early on Wednesday, extending a rebound from Monday's three-month lows on short-covering and worries about dry weather conditions in the key crop development month of August, traders and analysts said. Wheat and corn futures also rose at the Chicago Board of Trade, primarily on bargain buying. CBOT soyabeans bounded to session highs after the US Department of Agriculture said at midmorning that exporters sold 131,000 tonnes of US soyabeans to top global importer China.
Malaysian palm oil futures notched up a second day of gains, tracking rival soyaoil, while a weaker ringgit also helped to prop up prices. Benchmark palm oil futures for October delivery on the Bursa Malaysia Derivatives Exchange rose 0.4 percent to close at 2,318 ringgit ($569) per tonne on Wednesday.
Indian sugar touched a life-high on Monday as traders stocked up ahead of a key Hindu festival in August at a time when supplies are lean. The most-active October sugar contract was trading 1.1 percent higher at 3,870 rupees ($57.52) per 100 kg at 1241 GMT, after hitting a record of 3,889 rupees, according to Thomson Reuters data. Demand for sugar-laden sweets in India rises during festivals.
Chicago Board of Trade wheat ended higher on Monday, boosted by short-covering that was linked to concerns about reduced yields in the top exporting region of the European Union, traders said. A choppy session saw US wheat futures trading sharply higher before reversing lower and then turning higher again before the close.
Raw sugar futures on ICE fell to a five-week low on Wednesday, extending losses below technical levels that triggered sell-stops, while arabica coffee prices neared a one-month low amid a firm US dollar and good harvest weather in top grower Brazil. New York cocoa futures turned higher for the first time in seven sessions, bouncing up from a five-month low, while the London market rose above a five-week trough, as both markets lacked follow-through selling.
Spot corn and soyabean basis bids on Tuesday at elevators and processors around the US Midwest were steady to higher on light farmer sales as corn futures softened and soyabeans firmed, merchants said. Reduced concern that recent hot weather would hurt fall harvest prospects weighed on Chicago Board of Trade corn. Late-Monday's US Department of Agriculture weekly crop progress and condition report said that good/excellent ratings for corn crop was 76 percent. It topped analyst forecasts for a weekly 1 percentage point decline.