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BMD Palm Deepens Losses On Unconvincing Export Data, Weaker US Soyoil

15 Apr 2019 5:14 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures deepened their early losses in the second session of trade on Monday, tracking weakness in US soyoil futures and on lower-than-expected rise in export.

The June benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 21 at Ringgit 2,142 a tonne by the close after moving in the range of Ringgit 2,172 and Ringgit 2,140.

Societe Generale de Surveillance (SGS) said on later Monday that exports of Malaysian palm oil products for April 1-15 rose by 6.70 percent or 46,705 tonnes to 744,188 tonnes from 697,483 tonnes during the same period in March. While it had estimated exports for April 1-10 higher by 27 percent.

Intertek Testing Services (ITS) and AmSpec Agri Malaysia earlier today also estimated exports higher by merely 5 percent and 1.51 percent, respectively during the same period.

In other related oils, July soybean oil contract on CBOT was down up 0.20 percent in electronic trade on Monday, having also closed slightly lower on Friday.

The Buenos Aires Grains Exchange on Thursday raised its forecast for Argentina's soybean harvest to 55 million tonnes, a day after the Rosario exchange increased its estimate for the crop. Brazilian agricultural statistics agency Conab raised its estimates for the country's soy harvests.

Adding to the pressure, traders said, was continued uncertainty over the state of trade talks between the United States and China.

Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market.

(By Commoditiescontrol Bureau)


       
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