March 11, 2019 / 5:43 AM / 3 months ago

VEGOILS-Rising stockpiles weigh on Malaysian palm market

    * Malaysia's Feb palm oil stocks rise 1.3 pct on month
    * Exports fall 21.4 pct, production declines 11.1 pct 

    JAKARTA, March 11 (Reuters) - Malaysian palm oil futures
edged lower in first-half trade on Monday and were expected to
fall further after government data showed a pile-up in stocks of
the edible oil.
    The benchmark palm oil contract for May delivery
on the Bursa Malaysia Derivatives Exchange was down 0.05 percent
at 2,124 ringgit ($519.82) per tonne at the midday break, after
peaking at 2,144 ringgit.  
    Data from the Malaysian Palm Oil Board (MPOB) showed
February palm oil exports fell 21.4 percent month-on-month to
1.32 million tonnes and output declined 11.1 percent to 1.54
million tonnes. Stocks rose 1.3 percent to 3.04 million tonnes.

    "Higher stockpiles should push the market lower in the
second session," one Kuala Lumpur-based trader said after the
government data was published.
    In other related oils, the Chicago May soybean oil contract
 was last down 0.03 percent.
    The May soyoil contract on the Dalian Commodity Exchange
 declined 0.1 percent and the Dalian May palm oil
contract dipped 0.04 percent.
    Palm oil prices track the performances of other edible oils,
as they compete for a share in the global vegetable oils market.

Palm, soy, and crude oil prices as of 0520 GMT    
    
 Contract         Month    Last   Change     Low   High   Volume
 MY PALM OIL      MAR9        0    +0.00       0      0        0
 MY PALM OIL      APR9     2093    -1.00    2085   2110      806
 MY PALM OIL      MAY9     2124    -1.00    2118   2144     7910
 CBOT SOY OIL     MAR9    29.39    +0.00       0      0        0
 INDIA PALM OIL   MAR9   536.90    -1.10  536.70    541      129
 INDIA SOYOIL     MAR9    758.9    -2.40   758.9  763.6     1500
 NYMEX CRUDE      APR9    56.36    +0.29   55.96  56.48    35837
 
* 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 = 4.0860 ringgit)
($1 = 6.72 Chinese yuan) 
($1 = 69.90 Indian rupees)

 (Reporting by Kanupriya Kapoor; Editing by Subhranshu Sahu)
  
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