The Edge Markets (10/07/2019) - KUALA LUMPUR (July 10): Malaysian palm oil futures fell on Wednesday evening weighed down by higher than forecast inventory levels in June, according to a data release from the Malaysian Palm Oil Board (MPOB).
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 0.3% at 1,937 ringgit (US$468.21) per tonne at the close of trade, a third straight session of declines.
"Stocks came in higher than polled," said a Kuala Lumpur based trader, referring to the MPOB data. "I was expecting stocks to be lower."
Industry regulator the MPOB released official data for the month of June, which showed that inventory levels came in higher than forecast.
Malaysian stockpiles at end-June eased 0.97% on-month to 2.42 million tonne, versus a Reuters survey which forecast a 4% decline to 2.35 million tonnes.
The MPOB also reported that output in June fell 9.2% month-on-month to 1.52 million tonnes, while exports dropped 19.4%, from May to 1.38 million tonnes last month.
In other related oils, U.S. soyoil futures on the Chicago Board of Trade were up 0.6%, while the September soyoil contract on the Dalian Commodity Exchange fell 0.2%.
The Dalian September palm oil contract was also down 0.5%.
Palm oil prices are impacted by movements in related oils, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1147 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL9 1870 -6.00 1870 1870 1
MY PALM OIL AUG9 1915 -6.00 1892 1934 2388
MY PALM OIL SEP9 1938 -5.00 1916 1956 21268
CHINA PALM OLEIN SEP9 4190 -22.00 4180 4224 362268
CHINA SOYOIL SEP9 5442 -10.00 5410 5462 322210
CBOT SOY OIL AUG9 28.17 +0.16 27.84 28.19 3469
INDIA PALM OIL JUL9 493.60 -2.90 491.30 499.3 948
INDIA SOYOIL JUL9 728.75 -0.20 728.7 731.5 4550
NYMEX CRUDE AUG9 59.12 +1.29 58.35 59.31 135539
Palm oil prices in Malaysian ringgit per tonne
Read more at https://www.theedgemarkets.com/article/palm-declines-higher-forecast-stocks-data
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
(US$1 = 4.1370 ringgit)
(US$1 = 68.5527 Indian rupees)
(US$1 = 6.8823 Chinese yuan)