* Exports inch up 2.8 pct m/m to 1.36 mln tonnes in March
* Exports rise 5.5 pct for same period -SGS
* Prices fall to 2,335 ringgit, level not seen since Jan. 11
(Updates prices, adds SGS data)
By Chew Yee Kiat
SINGAPORE, April 1 Malaysian palm oil futures
slipped to their lowest in nearly three months on Monday as
larger-than-expected U.S. soybean stockpiles continued to weigh
on markets, although losses were capped by a marginal increase
Malaysia's palm oil shipments for March edged up 2.8 percent
to 1.36 million tonnes compared to a month ago, driven by higher
exports of refined products, cargo surveyor Intertek Testing
Services said on Monday.
Another cargo surveyor Societe Generale de Surveillance
reported a 5.5 percent increase to 1.37 million tonnes for the
But the market continued to feel the weight of the
larger-than-expected soybean stocks reported by the U.S.
Department of Agriculture (USDA). Plentiful soybeans for
crushing into oil may divert some demand away from competing
"It looks like the USDA's bearish stock level is still
leading palm," said a Singapore-based trader with a global
commodities house. "A marginal increase in exports is not enough
to counter the bearishness ... I think we will have to see how
low the production cycle is going to be in order to have some
By market close, the benchmark June contract on the
Bursa Malaysia Derivatives Exchange had lost 1.8 percent to
2,336 ringgit ($756) per tonne. Prices earlier fell to 2,335
ringgit, a level last seen on Jan. 11.
Total traded volume stood at 31,364 lots of 25 tonnes each,
compared to the average 35,000 lots seen so far this year.
A slight increase in exports and seasonal slowdown in
production could trigger a further decline in Malaysia's palm
oil stockpiles in March. Official data on inventory levels will
be released next week.
In other markets, Brent crude eased to under $110 a barrel
on Monday after Chinese manufacturing data missed market
expectations, signalling possibly slower demand growth in the
world's second-largest oil consumer.
In vegetable oil markets, U.S. soyoil for May delivery
lost 1.3 percent in late Asian trade. The most-active
September soybean oil contract on the Dalian Commodities
Exchange edged 1.4 percent lower.
Palm, soy and crude oil prices at 1006 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR3 2320 -20.00 2315 2320 160
MY PALM OIL MAY3 2332 -36.00 2330 2370 2697
MY PALM OIL JUN3 2336 -42.00 2335 2380 17639
CHINA PALM OLEIN SEP3 6120 -102.00 6118 6246 444522
CHINA SOYOIL SEP3 7808 -110.00 7808 7944 542680
CBOT SOY OIL MAY3 49.44 -0.67 49.32 50.23 10403
NYMEX CRUDE MAY3 96.71 -0.52 96.63 97.80 15700
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
(Editing by Clarence Fernandez and Tom Hogue)