Vegetable oil prices rose in Europe on Thursday as forecasts for more heavy rains in the US Midwest sparked a sharp rise in Chicago's soya complex. EU rapeseed oil asking prices were raised by between 6.00 and 13.00 euros a tonne, as CBOT soyaoil prices surged on forecasts for storms in the Midwest where recent heavy rainfall has flooded soyabean fields and halted plantings.
CBOT August soyaoil was 2.1 percent higher at 32.25 cents a lb at 1718 GMT. Palm oil prices in Europe were also boosted by a rise in Malaysian futures driven by expectations that the Malaysian Palm Oil Board (MPOB) will report on Friday a drop in the country's output and stockpiles. Malaysian palm oil stocks are forecast to drop 5.4 percent from a month ago to 2.12 million tonnes in June, according to a Reuters survey of five planters, traders and analysts.