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VEGOILS-Palm drops on stronger ringgit, weaker soyoil

CommoditiesNov 10, 2017 16:40
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VEGOILS-Palm drops on stronger ringgit, weaker soyoil

* Palm posts second consecutive weekly decline

* Ringgit at strongest in two months (Updates with closing prices)

By Emily Chow

KUALA LUMPUR, Nov 10 (Reuters) - Malaysian palm oil futures fell on Friday for a second straight session, weighed down by a stronger ringgit and weaker soyoil prices.

The benchmark palm oil contract for January delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,797 ringgit ($667.54) a tonne at the close of trade.

It has shed 0.3 percent this week in a second straight weekly decline.

Traded volumes stood at 46,612 lots of 25 tonnes each on Friday evening.

"Today's market decline is in line with the external market, following the U.S. Department of Agriculture (USDA) crop report," said a futures trader from Kuala Lumpur.

The USDA raised its corn crop forecast to 14.578 billion bushels, based on an average yield of 175.4 bushels per acre (bpa), which, if realised, would top a record set last year. December soybean oil contract BOZ7 on the Chicago Board of Trade fell 0.4 percent after the USDA crop report showed unexpectedly high corn yields. GRA/

In other related oils, the January soybean oil contract on the Dalian Commodity Exchange DBYF8 was down 1.1 percent, while the January palm olein contract DCPF8 dropped 1.4 percent.

Palm oil is impacted by other edible oils as they compete for a share of the global vegetable oils market.

The continued appreciation of the ringgit MYR= also dragged down palm oil, said another trader.

A stronger ringgit makes the edible oil more expensive for foreign currency holders.

The ringgit, palm's currency of trade, rose to its strongest against the dollar in nearly two months and was up 0.4 percent at 4.1900 per dollar on Friday evening. soy and crude oil prices at 1056 GMT Contract

Month

Last Change

Low High Volume MY PALM OIL

NOV7

2742 -7.00

2730 2769

44 MY PALM OIL

DEC7

2781 -7.00

2756 2781

2161 MY PALM OIL

JAN8

2799 -12.00

2776 2799

19231 CHINA PALM OLEIN JAN8

5600 -78.00

5598 5698 275238 CHINA SOYOIL

JAN8

6078 -66.00

6074 6152 251956 CBOT SOY OIL

DEC7

35.01 -0.13

34.9 35.16

5551 INDIA PALM OIL

NOV7 568.70 +2.20 563.70 569.8

1114 INDIA SOYOIL

NOV7

697 -3.60

694

700

4610 NYMEX CRUDE

DEC7

57.20 +0.03 56.97 57.30

67688 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne India soy oil in Indian rupee per 10 kg Crude in U.S. dollars per barrel ($1 = 4.1900 ringgit) ($1 = 65.1225 Indian rupees) ($1 = 6.6381 Chinese yuan)

VEGOILS-Palm drops on stronger ringgit, weaker soyoil
 

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