Vegoils: Palm oil jumps nearly 4% on stronger soyoil, exports

MMTec

13/09/2022 06:35

* Palm rises for third consecutive session 
    * Sept stocks could rise to 2.29 mln T -analyst
    * Soyoil rises 2.5% overnight as U.S cuts harvest estimates 

 (Updates with midday prices, adds quotes)
    KUALA LUMPUR, Sept 13 (Reuters) - Malaysian palm oil futures
climbed nearly 4% on Tuesday as lacklustre forecast of U.S.
soybean harvest raised worries about rival soyoil supplies,
while strong early-September exports further lifted the oilseed
further. 
    The benchmark palm oil contract  FCPOc3  for November
delivery on the Bursa Malaysia Derivatives Exchange rose 137
ringgit, or 3.72%, to 3,820 ringgit ($847.76) a tonne by the
midday break, up for a third straight session.
    Exports during Sept. 1-10 rose between 9.3% and 25.5% from
the same period in August, cargo surveyors said.
 urn:newsml:reuters.com:*:nL4N30H01Q urn:newsml:reuters.com:*:nAZN0IXD38 urn:newsml:reuters.com:*:nAPN0PLHHL 
    Demand from India, the world's biggest vegetable oil
consumer, is expected to ramp up this month ahead of the festive
season in October. 
    Malaysia's palm oil stocks at end-August climbed to their
highest in 33 months, as output rose with peak production season
getting underway, palm oil board data showed on Monday.
 urn:newsml:reuters.com:*:nL1N30J03W 
    Production is expected to continue rising in September and
may push inventories 9.2% higher to 2.29 million tonnes, Ivy Ng,
regional head of plantations research at CGS-CIMB Research, said
in a note. 
    CGS-CIMB Research projected crude palm oil prices to trade
in the 3,500-4,500 ringgit per tonne range due to tougher
competition from top producer Indonesia, although palm's high
discount against soyoil will encourage demand. 
    Soyoil prices on the Chicago Board of Trade  BOcv1  rose
2.5% overnight after the U.S. Agriculture Department said
soybean supplies will fall to a seven-year lows as hot and dry
weather during August in western growing areas cut into its
harvest potential.  urn:newsml:reuters.com:*:nL1N30J193 
    Dalian's most-active soyoil contract  DBYcv1  rose 3.5%,
while its palm oil contract  DCPcv1  also gained 3.5%. 
    Palm oil may test a resistance at 3,738 ringgit per tonne, a
break above could lead to a gain into 3,783-3,855 ringgit range,
Reuters technical analyst Wang Tao said.  TECH/C 
    


($1 = 4.5060 ringgit)

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 (Reporting by Mei Mei Chu; editing by Uttaresh.V)
 ((Meifong.chu@thomsonreuters.com))
 
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Vegetable oils                        OILS/ASIA1 
Malaysian palm oil exports            SGSPALM1   
CBOT soyoil futures                   0#BO:      
CBOT soybean futures                  0#S:       
Indian solvent                        SOLVENT01  
Dalian Commodity Exchange             DC/MENU   
Dalian soyoil futures                 0#DBY:   
Dalian refined palm oil futures       0#DCP:   
Zhengzhou rapeseed oil                0#COI:   
European edible oil prices/trades     OILS/E    ))