December 27, 2017 / 5:10 AM / 6 months ago

VEGOILS-Palm hits over 1-week high on exports, stronger related oils

    * Palm gains over 1 pct to high of 2,538 rgt/T
    * Market in line for third straight session of gains
    * Full month production for December also seen down - Trader

    By Emily Chow
    KUALA LUMPUR, Dec 27 (Reuters) - Malaysian palm oil futures
were up over 1 percent at the midday break on Wednesday, hitting
their highest in over a week on a rise in exports and tracking
stronger related edible oils.    
    The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange was up 1.04 percent
at 2,526 ringgit ($618.81) a tonne at the midday break, in line
for a third consecutive day of gains.
    It earlier rose to 2,538 ringgit, its strongest level since
Dec. 18.
    Trading volumes stood at 12,869 lots of 25 tonnes each at
the midday break.
    "Soyoil on the Chicago Board of Trade and refined, bleached
and deodorized palm oil on China's Dalian Commodity Exchange are
up," said a Kuala Lumpur-based trader.
    "This month's exports have also come up marginally from
being down earlier," he said, adding that market expectations of
lower production for the full month of December added to the
market's gains. 
    Exports of Malaysian palm oil products for Dec. 1-25 rose
about 1 percent from a month earlier, data released by cargo
surveyors Intertek Testing Services (ITS) and Societe Generale
de Surveillance (SGS) showed on Tuesday.
    This compares with a 16-22 percent decline during the Dec.
1-10 period versus the previous month.
    Production, however, is seen declining until the first
quarter of next year in line with the seasonal trend. It last
declined 3.3 percent to 1.94 million tonnes in November.
    Palm oil prices are also impacted by movements in other
edible oils, as they compete for a share of the global vegetable
oils market.
    The March soybean oil contract on the Chicago Board
of Trade was up 0.2 percent, while the May soybean oil contract
on the Dalian Commodity Exchange rose 0.8 percent.
    In other related edible oils, the Dalian January palm oil
contract rose 1.4 percent.
    Palm, soy and crude oil prices as of 0457 GMT
 Contract           Month    Last  Change     Low   High  Volume
 MY PALM OIL        JAN8     2454  +16.00    2443   2468     210
 MY PALM OIL        FEB8     2497  +25.00    2475   2507    1056
 MY PALM OIL        MAR8     2526  +26.00    2503   2538    7909
 CHINA PALM OLEIN   MAY8     5244  +70.00    5192   5250  265790
 CHINA SOYOIL       MAY8     5710  +44.00    5656   5718  240132
 CBOT SOY OIL       MAR8    33.51   +0.09   33.37  33.59    2024
 INDIA PALM OIL     DEC7   557.00   +0.90  557.00    558      40
 INDIA SOYOIL       JAN8    726.1   +2.50     724  726.5    3820
 NYMEX CRUDE        FEB8    59.77   -0.20   59.66  59.86   12987
  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 = 4.0820 ringgit)
($1 = 64.1175 Indian rupees)
($1 = 6.5535 Chinese yuan)

 (Reporting by Emily Chow; Editing by Sunil Nair)
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