Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm falls over 2% as Indonesia launches export acceleration scheme

KUALA LUMPUR, June 9 (Reuters) - Malaysian palm oil futures fell for a second straight session on Thursday, after the world's biggest producer Indonesia began a scheme aimed at accelerating exports as it gears up to re-enter the global market.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange slid 145 ringgit, or 2.24%, to 6,322 ringgit ($1,439.44) a tonne during early trade.

FUNDAMENTALS
Indonesia has launched an export acceleration scheme effective immediately, aimed at shipping at least 1 million tonnes of crude palm oil and some derivatives, according to a trade ministry regulation made public on Thursday.
Investors are awaiting the Malaysian Palm Oil Board's May supply and demand data, as well as cargo surveyors' early June export data due Friday.

Dalian's most-active soyoil contract DBYcv1 fell 1.1%, while its palm oil contract DCPcv1 dropped 2.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.7%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil remains neutral in a range of 6,423-6,577 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian stocks fell, U.S. bond yields rose and a soaring dollar pushed to a two-decade high against the yen on Thursday as investors worried about the outlook for more rate rises ahead of a key meeting of the European Central Bank later in the day.
By: via Malaysian Palm Oil Council Russia