MARKET DEVELOPMENT
VEGOILS-Palm Oil Prices Drop, Malaysia Exports Fall
VEGOILS-Palm Oil Prices Drop, Malaysia Exports Fall
13/07/2016 (Reuters) - Malaysian palm oil futures fell on Tuesday ahead of data released over the midday break that showed a drop in exports last month.
Benchmark palm oil futures for September delivery on the Bursa Malaysia Derivatives Exchange were 0.31 percent lower at 2,233 ringgit ($559.37) a tonne at midday.
Malaysian Palm Oil Board (MPOB) figures showed the country's palm exports dropped nearly 12 percent in June from the month before.
Palm oil could inch lower, taking cues from U.S. Department of Agriculture (USDA) data due on Tuesday, said a trader based in Kuala Lumpur. The USDA will issue its latest World Agricultural Supply and Demand Estimates report.
The September contract for soybean oil, a substitute for palm oil, on the Dalian Commodity Exchange fell 0.66 percent, while the most actively traded September contract for palm olein was up 0.12 percent.
China is the world's second-largest palm oil consumer behind India.
U.S. soyoil futures shed 0.07 percent.
($1 = 3.9920 ringgit)
Benchmark palm oil futures for September delivery on the Bursa Malaysia Derivatives Exchange were 0.31 percent lower at 2,233 ringgit ($559.37) a tonne at midday.
Malaysian Palm Oil Board (MPOB) figures showed the country's palm exports dropped nearly 12 percent in June from the month before.
Palm oil could inch lower, taking cues from U.S. Department of Agriculture (USDA) data due on Tuesday, said a trader based in Kuala Lumpur. The USDA will issue its latest World Agricultural Supply and Demand Estimates report.
The September contract for soybean oil, a substitute for palm oil, on the Dalian Commodity Exchange fell 0.66 percent, while the most actively traded September contract for palm olein was up 0.12 percent.
China is the world's second-largest palm oil consumer behind India.
U.S. soyoil futures shed 0.07 percent.
($1 = 3.9920 ringgit)