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 Nur Aisha Abd Wahab
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 VEGOILS-Palm gains 1% as U.S. cuts soybean supply forecast

Investigating.com (13/01/2021) - KUALA LUMPUR, Jan 13 (Reuters) - Malaysian palm oil futures climbed 1% on Wednesday, recovering from two straight sessions of falls, as rival soyoil prices jumped after a widely watched U.S. report cut its forecast for soybean supplies.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 39 ringgit, or 1.06%, to 3,734 ringgit ($923.23) a tonne in early trade.


* U.S. soybean supplies in September will be smaller than previously forecast due to a reduced estimate of last fall's harvest, the U.S. Agriculture Department (USDA) said on Tuesday, intensifying fears of shortages in 2021 and pushing up soybean prices to multi-year highs. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1%. Dalian's most-active soyoil contract DBYcv1 rose 0.7%, while its palm oil contract DCPcv1 gained 0.1%.

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

* European Union palm oil imports in the 2020/21 season that started last July were at 3.05 million tonnes by Jan. 10, up from 2.95 million tonnes by the same time last year, data published by the European Commission showed on Tuesday. Malaysia has begun a 14-day movement restriction order to curb rising COVID-19 cases. The nation's king on Tuesday also declared a nationwide state of emergency which could last until August, effectively suspending parliament. NEWS

* Asian stocks rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while tight supply expectations pushed oil prices to a one-year high. MKTS/GLOB


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($1 = 4.0445 ringgit)

Read more at https://in.investing.com/news/vegoilspalm-gains-1-as-us-cuts-soybean-supply-forecast-2562823

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