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 Malaysia palmoil ignores CBOT, speculators active

Malaysia palmoil ignores CBOT, speculators activeKUALA LUMPUR, July 17 (Reuters) - Malaysia's palm oil futures defiedChicago's downtrend and were mostly higher by midday on Tuesday onspeculative buying, traders said.The new benchmark third-month October contract rose 66 ringgit to 1,180ringgit ($310.53) per tonne, a morning high. Volume was at 1,298 lots."Everyone talked about speculative buying," said one trader in KualaLumpur.Some traders said the market was overbought and rising too fast despitethe absence of strong fundamentals. They pointed to the prospects of afurther increase in July palm oil output, seen at up to 1.03 milliontonnes versus 924,855 tonnes in June."There is talk that our market has fallen to the hands of a group ofpeople with vested interests...those who take advantage of (recent) pricerises for their own benefit," said one trader."This is not a fundamentally driven market."Chicago Board of Trade soy product futures tumbled on Monday, followingsoybeans down as improved weather forecasts for the U.S. Midwest pressuredprices.CBOT soymeal futures settled at $1 to $5.90 per tonne lower, with Augustdown the most at $171. Soyoil futures closed 0.20 to 0.52 of a cent perpound lower, with August off 0.32 of a cent at 18 cents/lb.Physical July crude palm oil for the southern and central regions wasquoted at 1,170 ringgit a tonne against bids of 1,160 ringgit. Deals weredone at 1,150 to 1,160 ringgit for both regions.August crude palm oil for the southern and central regions saw offers at1,180 ringgit against bids of 1,170. Deals were done at 1,160 for bothregions.Among refined products, July RBD palm oil was offered at $327.50 a tonneand August at $330.There were offers for July RBD olein at $347.50 and August at $350. JulyRBD palm stearin was offered at $240 and July palm fatty acid distillatewas offered at $200.

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