12/03/2015 (The Star) - Rapeseed oil prices rose on the European vegetable oils market on Wednesday, boosted by demand from biodiesel producers and a further decline in the value of the euro.

EU rapeoil for May/July delivery changed hands at 687 and 688 euros a tonne, up 13 euros from the last business on Monday while August/October traded at 686 euros, up 12 euros over the same period.

Rapeoil is the most commonly used feedstock for biodiesel in the European Union.

CBOT soyoil prices also recovered some ground after falling earlier in the week with May up 0.5 percent at 31.12 cents a lb at 1720 GMT.

EU soyoil prices were up to 10 euros a tonne higher.

The weakness of the euro also continued to boost prices denominated in the European currency.

The euro extended its unrelenting fall on Wednesday, dropping 1 percent to below $1.06 for the first time in 12 years.

Palm oil prices were also higher with RBD palm olein for May/June shipment last traded at $630 a tonne, fob Malaysia, up $10 and July/Sept at $606, up $3.50.

Malaysian palm oil futures snapped a five-day losing streak on Wednesday as the ringgit slid to its weakest in six years, although gains were capped by palm's narrowing discount to rival soyoil.