Vegoils Palm oil recoils on slow exports, year-end monsoon concerns

by **Cals** Mon 28 Dec 2015, 23:00

Vegoils
Palm oil recoils on slow exports, year-end monsoon concerns
By Reuters / Reuters | December 28, 2015 : 7:03 PM MYT

KUALA LUMPUR (Dec 28): Malaysian palm oil futures retreated on Monday after hitting their highest in 18 months in the last session, as weaker export demand and concerns over the year-end monsoon season dampened market sentiment.
The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange lost 1.6% to close at RM2,447 (US$569.73) a tonne in the evening. The contract hit a high of RM2,490 in the previous trading session on Wednesday, its highest since June 26, 2014.
"Exports are slightly down, and we're seeing some rains in the south," said a trader based in Kuala Lumpur, referring to the southern region of Peninsular Malaysia.
"The market may also be on a bit of profit taking."
Traded volume stood at 22,714 lots of 25 tonnes each at the end of the trading day.
Palm oil export data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance showed a 15%–16% drop in shipments from Dec 1–25 compared with the same time period a month ago.
The year end monsoon season in Southeast Asia is also a cause for lower output concerns, as heavy rains and floods make it difficult to gather fresh fruit bunches and disrupt supply chains.
In other vegetable oil markets, both the US January soyoil contract and the May soybean oil contract on the Dalian Commodity Exchange lost 0.4%.
Palm, soy and crude oil prices at 1004 GMT

Contract	Month	Last	Change	Low	High	Volume
MY PALM OIL	JAN6	2247	-47.00	2243	2300	260
MY PALM OIL	FEB6	2370	-51.00	2370	2413	2711
MY PALM OIL	MAR6	2447	-40.00	2447	2487	13545
CHINA PALM OLEIN	MAY6	4650	-56.00	4648	4748	790392
CHINA SOYOIL	MAY6	5584	-44.00	5576	5654	434798
CBOT SOY OIL	MAR6	30.78	-4.60	30.70	31.11	3441
INDIA PALM OIL	DEC5	400.00	-4.60	400.00	404.90	478
INDIA SOYOIL	JAN6	618.10	-5.45	616.00	623.00	28040
NYMEX CRUDE	FEB6	37.27	-0.83	37.23	38.09	22942

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel
(US$1 = RM4.2950)
(US$1 = 66.1525 Indian rupees)
(US$1 = 6.4870 Chinese yuan)