LONDON: Rapeseed oil prices on the European vegetable oils market were higher on Monday, underpinned by the prospect of a smaller EU crop this year as rains curb yields.
EU rapeseed oil offers were raised by between 2.00 and 5.00 euros a tonne with August/October last traded at 689 euros, up 7.00 euros from Friday.
Dealers said the EU rapeseed harvest was now underway. Earlier this month, Strategie Grains cut its forecast for this year's EU rapeseed crop to 21.2 million tonnes, down from a previous forecast of 21.5 million and the prior season's 21.9 million.
Palm oil prices were flat to slightly higher, boosted by gains in Malaysian futures. Malaysian palm oil futures rose on Monday as traders adjusted positions after a recent sharp sell-off, but caution prevailed due to weak export demand.
RBD palm olein for October/December shipment traded at $592.50 per tonne, up $7.50 from business on Friday, while the January/March shipment was last unchanged at $600.
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