April 30, 2019 / 5:11 AM / 4 months ago

VEGOILS-Palm oil slips on bearish outlook for stocks

    * Palm in line for fourth day of declines
    * Market expecting end-stocks to increase later - trader
    * Palm oil may consolidate in 2,099-2,122 rgt/T range -

 (Updates with background, quote)
    By Emily Chow
    KUALA LUMPUR, April 30 (Reuters) - Malaysian palm oil
futures eased during the first half of trade on Tuesday, in line
for a fourth consecutive day of declines, on bearish outlook for
stocks from a leading palm oil analyst. 
    Dorab Mistry had forecast on Monday evening that Malaysia's
palm oil output will rise to 20 million tonnes in 2019, up from
earlier estimates of 19-19.5 million tonnes. 
    He also estimated that Malaysian stocks should fall from
April to June before recovering.    
    The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange was last down 0.4
percent at 2,100 ringgit ($507.98) a tonne at the midday break.
    It earlier fell to a low of 2,096 ringgit, its weakest
levels in a month.  
    "Mistry sounds bearish, it sounds like prices will trade
sideways, that is why the market dropped," said a Kuala Lumpur-
based futures trader. 
    "End-stocks are also expected to increase later." 
    Palm oil stockpiles in Malaysia, the world's second largest
producer, had climbed to its highest in at least 19 years in
December. MYPOMS-TPO
    It last eased 4.6 percent to 2.92 million tonnes, the first
time since October 2018 that stocks were less than 3 million
tonnes, data from the Malaysian Palm Oil Board (MPOB) showed.
    Palm oil may either consolidate within a narrow range of
2,099-2,122 ringgit per tonne, or bounce towards 2,145 ringgit,
said Wang Tao, a Reuters market analyst for commodities and
energy technicals.
    In other related oils, the Chicago May soybean oil contract
 was trading flat at around 0456 GMT, while the May soyoil
contract on the Dalian Commodity Exchange rose 0.6
    Meanwhile, the Dalian May palm oil contract declined
0.3 percent.
     Palm, soy and crude oil prices at 0457 GMT
 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       MAY9     1998   +1.00    1997   2002       26
 MY PALM OIL       JUN9     2077   -3.00    2066   2089     1373
 MY PALM OIL       JUL9     2108   +0.00    2096   2124     6479
 CHINA PALM OLEIN  MAY9     4226  -12.00    4220   4260    11820
 CHINA SOYOIL      MAY9     5216  +32.00    5162   5218    12288
 CBOT SOY OIL      MAY9    27.88   +0.00   27.83  27.88      190
 INDIA PALM OIL    APR9   533.30   -0.40  533.00  534.3       75
 INDIA SOYOIL      MAY9    741.5   +2.35   739.6  741.9     2180
 NYMEX CRUDE       JUN9    63.44   -0.06   63.30  63.64    24985
  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 = 4.1340 ringgit)
($1 = 69.8500 Indian rupees)
($1 = 6.7368 Chinese yuan)

 (Reporting by Emily Chow; Editing by Rashmi Aich)
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