Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm rises for fourth day tracking soy oil gains on weak U.S. output woes

JAKARTA, Aug 24 (Reuters) - Malaysia's benchmark palm oil futures rose for a fourth consecutive session on Wednesday, taking cues from gains in soy oil prices on concerns over weak U.S. output.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange rose 1.56% to 4,300 ringgit ($958.54) a tonne in early trade.

FUNDAMENTALS
Soyoil prices on the Chicago Board of Trade BOc2 were up 0.8%, while Dalian's soyoil contract DBYv1 gained 1.07% and its palm oil contract DCPv1 rose 1.10%.

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

Chicago grains futures extended gains in early trade, as a tour of key growing areas in the Midwest raised concerns that the size of the U.S. corn and soybeans crop will fall below expectations.

Rival Indonesia said India is committed to importing 2.6 million tonnes of palm oil products worth $3.16 billion, withtout providing details about the period for the sale.

Palm oil may test a resistance at 4,452 ringgit per tonne, a break above which could lead to a gain to 4,680 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
The dollar eased and yields at first fell on Tuesday, as data showing slower economic growth raised initial hopes the Federal Reserve will back off its aggressive hiking of interest rates at its central bank symposium at Jackson Hole, Wyoming on Friday.

Oil prices fell, taking a breather from a nearly 4% surge the previous day on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+.
By: via Malaysian Palm Oil Council Russia