May 15, 2019 / 5:22 AM / 11 days ago

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

    * 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 (Reuters) - 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)
  
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