March 21, 2018 / 5:24 AM / 4 months ago

VEGOILS-Palm oil falls on sharp rise in production

    * Palm fell, after two straight sessions of gains
    * Sentiment turned cautious on production figures -traders
    * SPPOMA data showed 36 pct increase in Mar. 1-20 production

    By Liz Lee
    KUALA LUMPUR, March 21 (Reuters) - Malaysian palm oil
futures dipped in early trade on Wednesday on figures showing a
strong rise in regional production so far in March, partly
reversing two sessions of gains.
    The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange fell 0.5 percent to
2,423 ringgit ($617.64) a tonne at the midday break. 
    Trading volumes stood at 26,444 lots of 25 tonnes each at
noon.
    Output data released by the Southern Peninsular Palm Oil
Millers Association (SPPOMA) before the midday break showed
regional output for the March 1-20 period climbed 36.4 percent
from a month earlier.
    A futures trader based in Kuala Lumpur said prices had
started soft, tracking a drop in soybean oil futures on Tuesday,
and ahead of the data release.
    "The market was quite cautious as most were watching out for
the production numbers," the trader said.
    National output data from the Malaysian Palm Oil Association
is expected this week, traders said.
    In other related oils, the Chicago Board of Trade's May
soybean oil contract was little changed, while the May
soybean oil on China's Dalian Commodity Exchange fell
0.1 percent.
    The Dalian May palm oil contract rose 0.5 percent.
    Palm oil prices are affected by movements in rival edible
oils as they compete in the global vegetable oils market.   

    Palm, soy and crude oil prices as of 0453 GMT
 Contract                     Month      Last    Change         Low       High       Volume
 MY PALM OIL               APR8          2448     -2.00        2447       2460          278
 MY PALM OIL               MAY8          2435     -9.00        2432       2450         4998
 MY PALM OIL               JUN8          2423    -12.00        2420       2437         7803
 CHINA PALM OLEIN          MAY8          5116    +24.00        5112       5166       226416
 CHINA SOYOIL              MAY8          5640     -4.00        5636       5682       158834
 CBOT SOY OIL              MAY8         31.74     +0.00       31.69      31.87         3800
 INDIA PALM OIL            MAR8        639.50     -5.70      638.60      643.7          163
 INDIA SOYOIL              APR8           780     -3.80       779.8      782.4         2840
 NYMEX CRUDE               MAY8         63.67     +0.13       63.64      63.85        21627
 
  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 = 3.9230 ringgit)
($1 = 65.2125 Indian rupees)
($1 = 6.3316 Chinese yuan)    

 (Reporting by Liz Lee; editing by Richard Pullin)
  
 
 
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