Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm snaps four-day rally ahead of export data

JAKARTA, Aug 25 (Reuters) - Malaysia's benchmark palm oil futures fell on Thursday after four straight sessions of gains, with investors awaiting Aug. 1-25 export data from cargo surveyors for further direction.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange fell 1.28% to 4,253 ringgit ($949.33) a tonne in early trade. The contract gained 6.64% in the previous four sessions.

FUNDAMENTALS
Some cargo surveyors will release data on Malaysia's Aug. 1-25 palm oil exports on Thursday. Export data for Aug. 1-20 were mixed, with two cargo surveyors saying shipments dropped on a monthly basis, while one reported a rise.

Soyoil prices on the Chicago Board of Trade BOc2 were up 0.79%, while Dalian's soyoil contract DBYv1 gained 0.85% and its palm oil contract DCPv1 rose 0.09%.
Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.

Soybeans climbed on concerns over supplies from the United States, while wheat futures rose for a fifth straight session on lower supplies from the Black Sea region.

Top palm oil producer Indonesia has extended to Oct. 31 a policy of not collecting levies for palm oil exports, Trade Minister Zulkifli Hasan said on Wednesday amid efforts to encourage exports and prop up farmers' prices for fresh palm oil.

Palm oil looks neutral in a range of 4,085-4,350 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian share markets were broadly positive while the dollar was slightly weaker, with investors nervously awaiting the U.S. Federal Reserve's annual Jackson Hole conference for clues on how sharp future interest rate hikes might be.

Oil prices rose in early Asian trade after Saudi Arabia suggested the Organization of the Petroleum Exporting Countries could consider cutting output, though bearish economic signals from central bankers and falling equities weighed.
By: via Malaysian Palm Oil Council Russia