Last update: Sat, 13 Feb 2016 07am

Agriculture and Allied: World


The following were Friday's Rotterdam vegetable oil prices at 1700 GMT.
Malaysian palm oil futures extended gains on Friday to reach its strongest level in nearly two years, tracking competing vegetable oils and a weaker ringgit. The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 1.6 percent at 2,639 ringgit per tonne after hitting an intraday high of 2,642 ringgit, its highest since April 30, 2014.
US soyabean futures rose 1.3 percent on Thursday as the US Agriculture Department's report of stronger-than-expected exports spurred a round of short-covering, traders said. Corn futures were steady to weak, with the front-month contract settling unchanged while deferred contracts posted modest declines. Corn had fallen for six days in a row heading into Thursday's session.
Export premiums for soyabeans shipped from the US Gulf Coast were flat on Wednesday on weak demand as importers are increasingly turning to newly harvested soyabeans from Brazil and Argentina, traders said. FOB corn basis offers were mostly steady, while wheat premiums were flat to lower amid sluggish demand and a stronger US dollar.
ICE Canadian canola futures rose on Wednesday, halting a two-day skid on supportive weakness in the Canadian dollar and bargain-buying after recent lows. Funds seen staying on the sidelines after building an estimated net short position of 10,000 to 12,000 contracts. March canola gained $2.50 at $462.80 per tonne. May canola added $2.60 at $471.60 per tonne.
Brazil sugar mills have hedged 17 million tonnes of sugar at the Intercontinental Exchange (ICE) in New York up to January 31, the highest volume for this period in the last four crops, said a report released by local analyst Archer Consulting on Monday. According to the study, Brazilian mills fixed the equivalent of 68 percent of the total exportable sugar volume expected for the 2016/17 cane crop, which will start to be processed around March. Archer expects Brazilian sugar exports to reach 25.15 million tonnes in the new crop. The average price on these fixings was 13.75 cents per pound, said the report.
European wheat futures hit a new contract low on Wednesday but then rebounded to break a run of 10 consecutive sessions of falls, underpinned by an export-boosting drop in the euro and strong support on price charts. March milling wheat, the benchmark on the Paris Euronext market, was up 2.0 euros or 1.3 percent at 153.00 euros a tonne at 1655 GMT.