Palm oil tracks Chicago soyoil higher

Malaysian palm oil futures edged higher on Wednesday, as traders tracked strength in soyoil prices at the Chicago Board of Trade (CBOT) market.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange was up 11 ringgit, or 0.29%, at 3,826 ringgit ($813.18) a metric ton during the morning trade.

FUNDAMENTALS

Dalian’s most-active soyoil contract DBYcv1 fell 0.54%, while its palm oil contract DCPcv1 lost 0.98%. Soyoil prices on the Chicago Board of Trade BOcv1 increased 0.58%.

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

Ahead of monthly U.S. soy crushing data due on Wednesday from the National Oilseed Processors Association (NOPA), analysts surveyed by Reuters on average expect the trade group to report that its members crushed 183.072 million bushels of soybeans in April, down 6.8% from the record-high March total but up 5.7% from a year earlier.

India’s palm oil imports rose to their highest level in three months in April as lower prices lured buyers, a leading trade body said on Tuesday. It rose 40.9% in April from the previous month to stand at 684,094 metric tons.

Tags: Malaysia, soyoil, palm oil, futures, benchmark contract, prices