KUALA LUMPUR, Jan 7 (Reuters) - Malaysian palm oil futures
eased on Thursday as traders booked profit after the edible oil
approached a 10-year high in the previous session, though tepid
outlook about global supply limited losses. 
    The benchmark palm oil contract  FCPOc3  for March delivery
on the Bursa Malaysia Derivatives Exchange slid 16 ringgit, or
0.41%, to 3,861 ringgit ($960.93) a tonne during early trade.
        
    FUNDAMENTALS
    * Weather disruption and labour shortages mean global palm
oil production is unlikely to stay on trend to hit growth
projections of more than 6 million tonnes this year, leading
analyst James Fry said on Wednesday.  urn:newsml:reuters.com:*:nL1N2JH0MZ
    * Thomas Mielke, chief executive officer of Oil World, in a
virtual conference on Thursday pegged global palm oil production
to rise by 4.4 million tonnes in the 2020/21 season.
 urn:newsml:reuters.com:*:nK7N2EK01B
    * Mielke estimates Indonesian palm oil production in 2020/21
to rise by 3.4 million tonnes, while Malaysia's output is
forecast to grow by 0.3 million tonnes.
    * The soybean market has transitioned into "rationing mode"
as tight global supplies and crop-stressing drought in Argentina
have ignited the strongest soy market rally in years, Joe Stone,
the head of Cargill Inc's CARG.UL agricultural supply chain,
said on Wednesday.  urn:newsml:reuters.com:*:nL1N2JH15V 
    * Soyoil prices on the Chicago Board of Trade  BOcv1  were
up 0.9%. Dalian's most-active soyoil contract  DBYcv1  rose 2%,
while its palm oil contract  DCPcv1  gained 0.07%. 
    * Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
    
    MARKET NEWS
    * Asian stocks perked up on Thursday as investors remained
confident that violence in Washington would not disrupt a
legitimate transition to a new presidency or derail political
support for a U.S. economic recovery.  MKTS/GLOB     
        
    DATA/EVENTS
    0700  Germany    Industrial Orders MM    Nov
    1000  EU         HICP Flash YY           Dec
    1000  EU         HICP-X F&E Flash YY     Dec
    1000  EU         Consumer Confid. Final  Dec
    1330  US         International Trade     Nov
    1330  US         Initial Jobless Clm     Weekly
    1500  US         ISM N-Mfg PMI           Dec 
    1400  Bank of England Executive Director for Markets, Andrew
Hauser speech at Thomson Reuters Newsmaker, followed by a
moderated discussion with Reuters Chief UK Economics
Correspondent


    ($1 = 4.0180 ringgit)

 (Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips)
 ((Meifong.chu@thomsonreuters.com))
 
((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type  OILS/MY01 .
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in  OILS/ASIA2  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                        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    ))