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Emily Chow

Palm trades at two-week high on higher demand, stronger soyoil

May 16 2019

KUALA LUMPUR Malaysian palm oil futures rose to a two-week high in early trade on Thursday on better demand for the edible oil, set to gain for the fourth straight day as they tracked gains in soyoil on the U.S. Chicago Board of Trade.

VEGOILS-Palm scales 1-week high on stronger U.S. soyoil, weaker ringgit

May 15 2019

* Palm in line for 3rd day of gains * Higher exports, weaker output growth in May supported market - trader * Palm oil may test resistance at 2,034 ringgit/T - techs (Updates with midday prices, quote) By Emily Chow KUALA LUMPUR, May 15 Malaysian palm oil futures climbed to a one-week top in early trade on Wednesday, in line to chart a third consecutive day of gain, as it tracked an increase in U.S. soyoil on the Chicago Board of Trade (CBOT) and a weaker ringgit. The ringgit, palm's currency of trade, on Wednesday, eased to its weakest levels against the dollar since end-December. It was last down 0.1% to 4.1720. A weaker ringgit supports palm oil by making it cheaper for foreign buyers. Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 1.4% at 2,043 ringgit ($489.69) a tonne at the midday break on Wednesday, its strongest levels since May 8. "The market is tracking the overnight recovery in CBOT and further weakness in the ringgit today extended the technical pullback," said a Kuala Lumpur-based futures trader. "Expectations of higher exports and negative growth for production also added strength to the market." Malaysian palm oil shipments rose for May 1-15, up 14.4% from the corresponding period last month, data from cargo surveyor Amspec Agri Malaysia showed. Palm oil output in May is also expected to see declines or smaller monthly growth from April. Data from the Malaysian Palm Oil Board last Friday showed April output fell 1.4% from the previous month to 1.65 million tonnes. However, it is the highest for the month since 2015. Palm oil may test a resistance at 2,034 ringgit per tonne, following its second failure to break a support range of 1,940-1,967 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. In related oils, the Chicago July soybean oil contract had gained 1.5% on Tuesday, in line with soybean's gains as planting delays in the Midwest crop belt sparked a round of short-covering. It was last up 0.2%. Meanwhile, the July soyoil contract on the Dalian Commodity Exchange was down 1.1%, and the Dalian June palm oil contract dropped 2.9%. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0456 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 2011 +23.00 1996 2011 575 MY PALM OIL JUL9 2043 +29.00 2021 2043 8263 CHINA PALM OLEIN JUN9 4232 -128.00 4232 4234 10 CHINA SOYOIL JUL9 5320 -60.00 5218 5320 6 CBOT SOY OIL JUL9 27.07 +0.07 26.9 27.07 2580 INDIA PALM OIL MAY9 529.40 +3.70 527.10 530 273 INDIA SOYOIL MAY9 756.7 +3.05 755 757.9 1460 NYMEX CRUDE JUN9 61.33 -0.45 61.12 61.61 43233 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 India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1720 ringgit) ($1 = 70.2560 Indian rupees) ($1 = 6.8731 Chinese yuan) (Reporting by Emily Chow; editing by Rashmi Aich & Uttaresh.V)

VEGOILS-Palm on track for second day of gain as ringgit weakens

May 14 2019

* Palm may hover above 1,967 rgt/T - techs (Updates with midday prices, quote)

VEGOILS-Palm in line for fourth day of fall on U.S.-China trade tension

May 13 2019

* Palm hits 5-1/2 month low of 1,960 rgt/T * Expectations of rising output also weighs on market - trader * Palm oil may fall into 1,953-1,967 rgt/T range - techs (Updates with midday prices, quote) By Emily Chow KUALA LUMPUR, May 13 Malaysian palm oil futures fell to a five-and-a-half month low in early trade on Monday, in line for a fourth consecutive day of decline, as concerns over the U.S.-China trade war and expectations of rising output in the coming months weighed on the market. Global stocks and commodities markets fell on Monday as the United States and China appeared at a deadlock over trade negotiations on Sunday, with Washington demanding promises of concrete changes to Chinese law and Beijing saying it would not swallow any "bitter fruit" that harmed its interests. Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last down 0.6% at 1,972 ringgit ($473.75) a tonne at Monday's midday break, after losing 1.3% last week. The market earlier fell to 1,960 ringgit, its lowest levels since November 27. "It looks like the market is heading lower due to the (U.S.-China) trade tensions, and is partly down on expectations of higher output in the coming months," said a Kuala Lumpur-based trader. "Malaysian palm production could rise from May onwards on a seasonal basis," he said, but added that the occurrence of Ramadan, the Muslim fasting month, could curb output as well. Ramadan, which began on May 5 this year, sees Muslims worldwide fast from dawn to dusk. This slows down productivity in oil palm estates, as many workers are from Muslim-majority Indonesian and work in plantation estates is labour-intensive. Industry regulator from the Malaysian Palm Oil Board last showed that production in April fell 1.4% from the previous month to 1.65 million tonnes, while inventories fell 6.6% to 2.73 million tonnes. Palm oil may fall into a range of 1,953-1,967 ringgit per tonne, said Reuters market analyst for commodities and energy technicals Wang Tao. In related oils, the Chicago July soybean oil contract dropped 1.6%, while the May soyoil contract on the Dalian Commodity Exchange traded flat. The Dalian May palm oil contract slipped 1%. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0539 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 1940 -11.00 1930 1949 485 MY PALM OIL JUL9 1972 -11.00 1960 1979 6962 CHINA PALM OLEIN MAY9 4094 -40.00 4094 4206 130 CHINA SOYOIL MAY9 0 +0.00 0 0 0 CBOT SOY OIL JUL9 26.37 -0.42 26.36 26.63 4841 INDIA PALM OIL MAY9 518.00 -0.20 517.60 519.2 56 INDIA SOYOIL MAY9 745 +3.50 741.6 746.5 1820 NYMEX CRUDE JUN9 61.63 -0.03 61.21 61.82 50517 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 India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1625 ringgit) ($1 = 70.1750 Indian rupees) ($1 = 6.8557 Chinese yuan) (Reporting by Emily Chow; editing by Uttaresh.V)

VEGOILS-Palm trades flat at noon ahead of official data release

May 10 2019

* Palm down 0.3% so far on-week * Weaker ringgit caps market losses - traders * April end-stocks down 6.6% to 2.73 mln tonnes - MPOB (Updates with midday prices, comment) By Emily Chow KUALA LUMPUR, May 10 Malaysian palm oil futures were trading flat at midday break on Friday, following its two-session losing streak, ahead of an official data release on April's stocks, production and export data from industry regulator the Malaysian Palm Oil Board (MPOB). A weaker ringgit, palm's currency of trade, also limited market losses, said two traders. A weaker ringgit typically supports prices of the edible oil by making it cheaper for foreign buyers. It last eased 0.1 percent to 4.1540 around noon on Friday. Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last flat at 2,005 ringgit ($482.67) a tonne at noon, after earlier falling to a four day low of 1,996 ringgit. Palm prices are down 0.3 percent for the week so far after two previous weeks of declines. "The market was cautious ahead of the MPOB data release, but the ringgit was also weaker," said a Singapore-based trader. Another futures trader in Kuala Lumpur added that while expectations of higher May export figures from cargo surveyors could support palm prices, "weaker prices of external oils may cap gains," she said, referring to soyoil prices. Malaysian palm oil exports rose 12.7-14.4 percent during May 1-10 versus the corresponding period in April, showed data from cargo surveyors Intertek Testing Services and Amspec Agri Malaysia on Friday. Meanwhile, MPOB data released during the market's midday break showed that April stock levels fell 6.6 percent to 2.73 million tonnes. The MPOB data also showed output in April fell to 1.65 million tonnes, down 1.4 percent from March, while exports rose 2 percent to 1.65 million tonnes. A Reuters survey had forecast palm oil's end-April stockpiles to fall 5 percent to 2.77 million tonnes, while production was forecast to ease 1.9 percent to 1.64 million tonnes. Exports were expected to slightly gain 1.6 percent to 1.64 million tonnes. In other related oils, the Chicago July soybean oil contract , which fell 1.4 percent on Thursday, was last down 0.1 percent on Friday. Chicago soybean futures are set for a fifth consecutive weekly loss as the trade dispute between Washington and Beijing dragged prices lower. Meanwhile, the May soyoil contract on the Dalian Commodity Exchange was down 1.1 percent, and the Dalian May palm oil contract slipped 0.5 percent. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0458 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 1966 -1.00 1958 1980 614 MY PALM OIL JUL9 2005 +0.00 1996 2019 8144 CHINA PALM OLEIN MAY9 4134 -20.00 4134 4134 126 CHINA SOYOIL MAY9 5250 -60.00 5242 5260 120 CBOT SOY OIL JUL9 26.6 -0.03 26.59 26.71 2999 INDIA PALM OIL MAY9 521.10 +1.90 520.40 521.5 84 INDIA SOYOIL MAY9 741.9 +1.65 741 741.9 400 NYMEX CRUDE JUN9 61.74 +0.04 61.59 62.49 101199 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 India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1540 ringgit) ($1 = 70.0260 Indian rupees) ($1 = 6.8094 Chinese yuan) (Reporting by Emily Chow; editing by Uttaresh.V)

Palm edges lower on U.S.-China trade war, output worries

May 09 2019

KUALA LUMPUR Malaysian palm oil futures eased in the first half of trade, in line for second session of losses, as worries over U.S.-China trade relations and a bearish sentiment due to higher-than-forecast output in April weighed.

VEGOILS-Palm reverses gains on trade war concerns, ringgit strength

May 08 2019

* Palm earlier rose to 4-day top of 2,058 rgt/T * Ringgit gained slightly around noon * Market also down on profit taking - trader (Updates with midday price, quote) By Emily Chow KUALA LUMPUR, May 8 Malaysian palm oil futures surrendered gains to fall on Wednesday amid concerns over Sino-U.S. trade conflict and as the ringgit strengthened. A stronger ringgit, palm's currency of trade, usually makes the edible oil more expensive for foreign buyers. It rose 0.02 percent against the dollar to 4.1460 on Wednesday, after previously seeing seven straight days of losses. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last down 0.1 percent at 2,038 ringgit ($491.56) a tonne around noon, after earlier climbing to a four-day high of 2,058 ringgit. Palm prices had risen nearly 3 percent in its previous session tracking gains in related edible oils. "The market started strong on supportive external oils, but the ringgit strengthened along with some profit-taking which weighed on the market," said a Kuala Lumpur-based futures trader. She added that the market was also uncertain over the U.S.-China trade talks that are scheduled to start on Thursday when China's vice premier visits Washington. Global stocks and commodities markets were hit earlier this week after U.S. president Donald Trump threatened to impose additional tariffs on Chinese imports. In other related oils, the Chicago July soybean oil contract rose 0.2 percent, while the May soyoil contract on the Dalian Commodity Exchange gained 1 percent. Meanwhile, the Dalian May palm oil contract slipped 0.1 percent. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0455 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 2010 -4.00 2009 2030 523 MY PALM OIL JUL9 2038 -2.00 2032 2058 6844 CHINA PALM OLEIN MAY9 4180 -6.00 4174 4228 354 CHINA SOYOIL MAY9 5286 +50.00 5238 5400 306 CBOT SOY OIL MAY9 26.81 +0.00 0 0 350 INDIA PALM OIL MAY9 518.00 -0.40 518.00 520.1 160 INDIA SOYOIL MAY9 737.35 +1.50 733.55 739.1 1420 NYMEX CRUDE JUN9 61.87 +0.47 61.43 61.95 36600 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 India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1460 ringgit) ($1 = 69.6090 Indian rupees) ($1 = 6.7702 Chinese yuan) (Reporting by Emily Chow; editing by Uttaresh.V and Shreejay Sinha)

GRAINS-U.S. soybean prices drop more than 2 pct to 7-mth low

May 05 2019

KUALA LUMPUR, May 6 Chicago soybean futures on Monday dropped to their lowest in over seven months, extending declines into a seventh session amid expectations that a lack of U.S. corn planting due to delays in rain could fuel a shift to more soybean acreage.

VEGOILS-Palm heads for first win in 9 sessions on short-covering

May 03 2019

* Market hits near 5-month low * Palm down 3.8 pct this week (Updates with midday prices, quote) By Emily Chow KUALA LUMPUR, May 3 Malaysian palm oil futures bounced back from near five-month lows on Friday as traders covered short positions, but were headed for their biggest weekly drop since early November. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 0.3 percent at 2,038 ringgit ($492.27) a tonne at noon, after five straight sessions of falls. Earlier in the session, it declined as much 1.1 percent to 2,009 ringgit, its weakest since Dec. 11. If the contract closes higher for the day, it would be its first session of gain in nine. For the week, palm has lost 3.8 percent. "We're seeing some short-covering after the sharp drop yesterday," said a Kuala Lumpur-based trader. The market fell 3 percent on Thursday due to weakness in soyoil prices on the Chicago Board of Trade and weak demand sentiment. Chicago soybean futures were on track for a fourth straight weekly loss on Friday as expectations of higher U.S. production and slowing demand in top buyer China dragged prices lower. Malaysia had said earlier this week it would defer export duties on crude palm oil for the rest of the year in efforts to boost exports and expand in new markets. Traders, however, say this might not boost demand as the duty has been at zero percent since September. In other related edible oils, the Chicago May soybean oil contract declined 0.5 percent on Thursday, and was flat at around 0500 GMT. Markets in China are closed for a national holiday, and will reopen on Monday. Palm, soy and crude oil prices at 0513 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 2006 +4.00 1978 2016 518 MY PALM OIL JUL9 2038 +6.00 2009 2046 8333 CHINA PALM OLEIN MAY9 0 +0.00 0 0 0 CHINA SOYOIL MAY9 0 +0.00 0 0 0 CBOT SOY OIL MAY9 27.23 +0.00 0 0 414 INDIA PALM OIL MAY9 519.50 +3.00 517.60 520.6 155 INDIA SOYOIL MAY9 738 +2.55 734.6 738.5 1370 NYMEX CRUDE JUN9 61.60 -0.21 61.51 61.84 28778 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 India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1400 ringgit) ($1 = 69.3910 Indian rupees) ($1 = 6.7337 Chinese yuan) (Reporting by Emily Chow; Editing by Rashmi Aich and Subhranshu Sahu)

Palm oil slumps 3 percent on U.S. soyoil losses and weak demand

May 02 2019

KUALA LUMPUR Malaysian palm oil futures fell nearly 4 percent on Thursday evening to their lowest in almost five months, weighed down by weakness in U.S. soyoil prices on the Chicago Board of Trade and weak demand sentiment.

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