Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm falls from one-week peak as weak April exports weigh

KUALA LUMPUR, April 12 (Reuters) - Malaysian palm oil futures fell on Wednesday after closing at a one-week peak in the previous session, with weak April exports so far weighing on market sentiment.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange slid 45 ringgit, or 1.16%, to 3,843 ringgit ($870.44) a tonne in early trade after two straight sessions of gains.

FUNDAMENTALS
Exports of Malaysian palm oil products for April 1-10 fell 16.2% to 408,663 tonnes from 487,530 tonnes shipped during March 1-10, cargo surveyor Societe Generale de Surveillance said on Tuesday.

India is likely to receive normal monsoon rains in 2023, the state-run weather office said on Tuesday, the fifth straight year of normal or above normal summer rains that spur farm and overall economic growth in Asia's third-biggest economy.

Soybean production in Argentina will fall to a 23-year low, smaller than previously thought, as a crop-wasting drought decimated fields in the key South American producer, the U.S. government said on Tuesday.

Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.2%. Dalian's most-active soyoil contract DBYcv1 rose 0.6%, while its palm oil contract DCPcv1 gained 1.5%.

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 equities inched lower ahead of a crucial U.S. inflation report that will likely influence the Federal Reserve's monetary policy path, with markets wagering another hike in interest rates at the central bank's next meeting.
By: via Malaysian Palm Oil Council Russia