Vegetable oil prices fall in Europe

Vegetable oil prices fell in Europe for a third consecutive day as markets continued to be weighed by uncertainty about the sharp decline in China's stock market and the financial crisis in Greece. Dealers said, however, a weaker dollar and rise in Chicago soyaoil helped markets to regain some ground later. EU rapeseed oil for August/October delivery was finally offered at 705 euros a tonne as sellers raised their asking prices from an earlier 700 euros. The market remained, however, 3 euros down on the day and 23 euros below levels sought at the end of last week.
Prices at those earlier levels became unsustainable given the move in the dollar and CBOT, one European broker said. CBOT August soyaoil was up 1.2 percent at 31.91 cents a lb at 1629 GMT. The contract had earlier slumped to a low of 31.33 cents, its weakest level since late April.