VEGOILS-Palm oil inches down on bearish U.S. crop report
* Palm oil to retrace further to 3,084 ringgit -technicals * Malaysia's palm oil exports for Feb. 1-10 fell 7.7 pct -ITS * Malaysia's Jan palm oil stocks down 2.5 pct -MPOB * Malaysia's palm oil exports for Feb. 1-10 down 4.3 pct -SGS (Updates prices, adds SGS export data) By Chew Yee Kiat SINGAPORE, Feb 10 (Reuters) - Malaysian crude palm oil fell on Friday on the back of a bearish U.S. crop report and prospects of slowing demand, although losses were capped by a long-awaited bailout deal for Greece which has yet to be approved. The U.S Department of Agriculture on Thursday forecast larger-than-expected soybean supplies in its monthly report even as a severe drought curbed yields in Brazil and Argentina, putting pressure on palm oil prices, which track soybean oil closely. "The market's a little bearish because it expects a steeper production drop in the South American crop," said a dealer with a foreign commodities brokerage in Kuala Lumpur. "However, the low production season in the first quarter and improving demand from China and India should support crude palm oil prices in the range of 3,000 to 3,200 ringgit in the near term," added the dealer. Benchmark April palm oil futures on the Bursa Malaysia Derivatives Exchange lost 0.5 percent to close at 3,131 ringgit ($1,034) per tonne. The futures market has lost 1.4 percent so far this year. Traded volumes were thin at 22,375 lots of 25 tonnes each, compared to the usual 25,000 lots. Reuters market analyst Wang Tao said palm oil futures will retrace further to 3,084 ringgit per tonne as they have completed a rebound from the Feb. 2 low of 3,036 ringgit. Malaysia's January palm oil stocks fell 2.5 percent to 2,007,967 tonnes from a revised 2,058,400 tonnes in December, industry regulator Malaysian Palm Oil Board said on Friday, in line with market expectations. A Reuters survey of six plantation houses earlier showed Malaysia's palm oil stocks in January probably fell to a five-month low to nearly 2 million tonnes as a drop in exports outran a fall in production. On the demand side, cargo surveyor Intertek Testing Services said Malaysian palm oil exports from Feb. 1 to 10 fell 7.7 percent to 342,982 tonnes from a month ago. Another cargo surveyor Societe Generale de Surveillance said palm oil exports for the same period dropped 4.3 percent to 337,618 tonnes. Some traders attributed the decline in exports to the shift in orders to top producer Indonesia which is selling at a discount due to its tax structure. Brent crude slipped from a six-month high to below $118 a barrel on Friday as data from China showed a soaring trade surplus due to crumbling imports for January, stoking fears of a slowdown in demand from the world's second largest oil consumer. The U.S. soyoil contract for March delivery slipped 0.3 percent in Asian trade on the back of the bearish USDA report while the most active September 2012 soyoil contract on China's Dalian Commodity exchange also fell 0.7 percent. Palm, soy and crude oil prices at 1002 GMT Contract Month Last Change Low High Volume MY PALM OIL FEB2 0 +0.00 0 0 0 MY PALM OIL MAR2 3141 -4.00 3117 3141 2029 MY PALM OIL APR2 3131 -17.00 3118 3142 11384 CHINA PALM OLEIN SEP2 8190 -48.00 8176 8234 82294 CHINA SOYOIL SEP2 9220 -60.00 9202 9268 247782 CBOT SOY OIL MAR2 52.37 -0.17 52.12 52.61 4850 NYMEX CRUDE MAR2 99.07 -0.76 99.03 99.89 14683 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne Crude in U.S. dollars per barrel * Bursa Malaysia holds its annual Palm and Lauric Oils Conference & Exhibition Price Outlook 2012 from March 5 to 7 in Kuala Lumpur. For details, see www.pocmalaysia.com ($1=3.0280 Malaysian ringgit) (Editing by Miral Fahmy)
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