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VEGOILS-Palm set for third day of gains as soy oil strengthens

VEGOILS-Palm set for third day of gains as soy oil strengthens

Reuters · 07/27/2022 22:56
VEGOILS-Palm set for third day of gains as soy oil strengthens

- Malaysian palm oil futures rose on Thursday, heading for a third straight day of gains, as rival soy oils climbed amid concerns of tight soybean harvest.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange rose 4.55% to 4,000 ringgit ($898.27) per tonne during early trade, heading for its best day in two weeks.


* Dalian's most-active soyoil contract DBYv1 rose 3.81%, while its palm oil contract DCPv1 gained 4.17%. Soyoil prices on the Chicago Board of Trade BOcv1 rose 2.11%.

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

* Chicago soybean futures rose for a fifth consecutive session to their highest levels in more than two weeks as hot and dry weather conditions expected in parts of the U.S. Midwest threatened to curb yields. GRA/

* Oil gained more than $1 a barrel, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices. O/R

* Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

* Indonesia's crude palm oil (CPO) exports are picking up pace, reaching 100,000 tonnes to 140,000 tonnes per day after the government waived its export levy to ease a supply glut, a senior Finance Ministry official said on Wednesday.

* Palm oil may test a resistance of 4,085 ringgit per tonne, a break above which could lead to a gain to 4,269 ringgit, Reuters technical analyst Wang Tao said. TECH/C


* Asian shares made cautious gains as investors scented a possible slowdown in the pace of U.S. rate hikes, lowering bond yields and restraining the dollar. MKTS/GLOB


0900 EU Consumer Confid. Final July

1200 Germany CPI Prelim YY July

1200 Germany HICP Prelim YY July

1230 US GDP Advance Q2

1230 US Initial Jobless Clm Weekly

($1 = 4.4530 ringgit)

(Reporting by Fransiska Nangoy; editing by Uttaresh.V)


For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.  * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the  page in the same chain, hit F12. To go back, hit F11. Vegetable oils                       OILS/ASIA1 Malaysian palm oil exports           SGSPALM1   CBOT soyoil futures                  0#BO:      CBOT soybean futures                 0#S:       Indian solvent                       SOLVENT01  Dalian Commodity Exchange            DC/MENU   Dalian soyoil futures                0#DBY:   Dalian refined palm oil futures      0#DCP:   Zhengzhou rapeseed oil               0#COI:   European edible oil prices/trades    OILS/E