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Wednesday's Rotterdam vegetable oil prices at 1700 GMT.

US soyameal surged 7 percent on Wednesday, increasing this week's gains to the largest in six years as a slow start to a record soyabean harvest coupled with slow traffic on the nation's railroads forced crushing plants to cover short cash positions in the futures market. Soyabeans jumped nearly 3 percent and corn 1.8 percent, with each futures contract pushed higher by the gains in soyameal.
Malaysian palm oil climbed to its highest level in almost 12 weeks on Wednesday, supported by gains in competing oilseed markets and on expectations the country's palm oil demand would increase because of a new biodiesel policy, traders said. In competing vegetable oil markets, the US soyoil contract for December edged up 1.65 percent in early Asian trade, while the most active January soybean oil contract on the Dalian Commodities Exchange rose 2.12 percent.
US FOB Gulf soyabeans basis offers were steady to firm and futures edged higher on strong processor and exporter demand even as harvest progressed, traders said on Tuesday. Corn and wheat basis values were steady with stronger futures reflecting domestic demand. Overseas competition for corn, but especially wheat, continues to restrain fresh buying. The US corn harvest is still less than half complete and two weeks behind normal, keeping interior basis bids firm.
Raw sugar on ICE rose on Wednesday as traders hurried to cover short positions on worries that rains in Brazil could hamper harvesting in the world's top grower, while cocoa futures recovered on technical buying after dipping to a fresh five-month low. Arabica coffee on ICE Futures US fell, hovering near a one-month low hit earlier this week, on expectations that Brazil's recent rains will improve next season's crop prospects in the world's top producer.
A blaze destroyed a warehouse holding 50,000 tonnes of sugar operated by Cargill Inc and Biosev on Monday at Brazil's Santos port, its third major sugar fire in a year. Fire-fighters had the blaze in warehouse 3 under control at the largest port in Latin America and kept it from spreading to a second warehouse, according to a spokesman for Codesp, the port authority. There were no reports of injuries.
Wheat futures on the Chicago Board of Trade rose on Tuesday for a second straight session on technical buying coupled with concerns about poor germination of new-crop winter wheat in Russia and Ukraine, traders said. K.C. hard red winter and MGEX spring wheat futures also closed higher. A return of warmer weather in November will be crucial for the 2015 Black Sea grain crop after a lack of rain and early cold left plantings vulnerable, experts said.
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