Argentina cut its 2012/13 soyabean crop forecast to 50.6 million tonnes from its April forecast of 51.3 million tonnes, citing the impact of dry weather in northern growing regions, the agriculture ministry said on Thursday. Argentina is the world's No 3 supplier of soyabeans and corn and the top global exporter of soyaoil and soyameal. The government said 85 percent of the soyabean area has been harvested to date.

Malaysian palm oil futures rose on Thursday to their highest in more than a month, stretching gains to a third straight week as investors hoped for a recovery in demand ahead of the Muslim fasting month of Ramazan. Higher export demand as buyers restock ahead of the event in July and easing production could trim stocks further in the world's second largest producer, whose inventory fell to 1.93 million tonnes by the end of April.

The European Commission has torn up new rules on how restaurants should serve olive oil less than a week after unveiling them, following widespread ridicule and accusations of unwanted interference. Last week, the Commission said restaurants would be banned from serving oil to diners in refillable glass jugs or dipping bowls from next year.