August 25, 2017 / 5:56 AM / 10 months ago

VEGOILS-Palm heads for first fall in 7 sessions on weak export data

    * Palm down 1 pct at midday break
    * Market decline sharpest in over a week
    * Profit-taking contributed to fall - trader

    By Emily Chow
    KUALA LUMPUR, Aug 25 (Reuters) - Malaysian palm oil futures
fell 1 percent in first-half trade on Friday on cargo surveyor
data that showed weak exports and as investors booked profit
following six straight sessions of gains.
    The benchmark palm oil contract for November delivery
 on the Bursa Malaysia Derivatives Exchange was down 1
percent at 2,749 ringgit ($643.19) at the midday break, its
sharpest intraday drop since Aug. 15.
    Palm gained 5.3 percent in the previous six sessions,
hitting a five-month high on Thursday, on expectations that
production growth will be slower than earlier forecasts.    
    Traded volumes stood at 20,789 lots of 25 tonnes each at
Friday noon.
    "The market is seeing profit-taking for the weekend on the
back of weak exports," said a futures trader from Kuala Lumpur,
referring to data from cargo surveyor Intertek Testing Services
    Palm oil shipments from Malaysia, the world's second largest
producer after Indonesia, fell 8.1 percent on month during Aug.
    Another trader said he expects August exports to fall from
the previous month, but production to remain flat.      
    Palm oil production in July rose 20.7 percent from a month
earlier to 1.83 million tonnes, surpassing industry
expectations, according to industry regulator data.
    Exports, in comparison, gained 1.3 percent to 1.40 million
tonnes in July. MYPOME-PO
    In related vegetable oils, the October soybean oil contract
 on the Chicago Board of Trade was down 0.2 percent, while
the January soybean oil on the Dalian Commodity Exchange
 fell 0.1 percent.
    The January palm olein contract on Dalian climbed
0.3 percent.
    Palm oil prices are impacted by the movements in related
edible oils, as they compete for a share in the global vegetable
oils market. 
 Palm, soy and crude oil prices at 0519 GMT
 Contract          Month   Last  Change     Low    High   Volume
 MY PALM OIL       SEP7    2730  -20.00    2725    2780      185
 MY PALM OIL       OCT7    2737  -29.00    2736    2753     1110
 MY PALM OIL       NOV7    2749  -28.00    2747    2763    10317
 CHINA PALM OLEIN  JAN8    5564  +16.00    5550    5622   401138
 CHINA SOYOIL      JAN8    6380   -8.00    6368    6444   279286
 CBOT SOY OIL      DEC7   35.06   -0.06   35.05   35.22     2544
 INDIA PALM OIL    AUG7    0.00   +0.00    0.00       0        0
 INDIA SOYOIL      SEP7   663.4   +2.55     662  666.85    32810
 NYMEX CRUDE       OCT7   47.77   +0.34   47.47   47.81    35849
 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
 ($1 = 4.2740 ringgit)
($1 = 64.0400 Indian rupees)
($1 = 6.6640 Chinese yuan)

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)
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