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BMD Palm Falls For 2nd Day Amid Expectations Of Lacklustre Export Numbers

19 Sep 2019 4:58 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower for the second straight day on Thursday amid expectations of lower export numbers and tracking losses in US soyoil.

However, weakness in the Ringgit helped market prevent a sharp downside. A weaker Ringgit usually supports palm oil by making it cheaper for foreign buyers.

The December benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 17 at Ringgit 2,243 a tonne by the close, after moving in the range of Ringgit 2,272 and Ringgit 2,240 a tonne.

There are rumours in the market that cargo surveyor Intertek Testing Services (ITS) may lower Malaysian palm oil export estimates for September 1-20 at 925,425 tonnes, down by 7.95 percent or 79,930 tonnes from 1,005,355 tonnes in August 1-20.

In other related oils, the CBOT December soybean oil futures were trading weak by 0.43 percent in electronic trade on Thursday on mild weather across the US Midwest that lessened risks that crop-damaging frost could hurt the late-planted crop and on worries that a recent wave of Chinese soy purchases has ended.

Investors are also awaiting fresh export sales data due to be released by the US Department of Agriculture (USDA) on Thursday.

Meanwhile, the USDA did not report any fresh US soybean sales to China on Wednesday after three days of daily sales announcements confirming a total of 720,000 tonnes sold to the top importer.

China returned to the US market last week as US-China trade tensions eased ahead of talks aimed at ending a trade war that has slashed demand for US farm products, particularly soybeans. Despite the recent buying, China's soy purchases remain well below normal levels.

Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market.

(By Commoditiescontrol Bureau)

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