28.05.2019 (The Edge Markets MY) - KUALA LUMPUR (May 28): Malaysian palm oil futures rose 2% at end of trading on Tuesday to a one-week top, tracking gains in US soyoil on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed at RM2,066 (US$493.43) per tonne, after its strongest daily gain in nearly two weeks. It ended up for a second day in a row.

Palm had risen to RM2,069 in earlier trade, its highest levels since May 21.

"Palm oil further rose on soyoil strength," said a Kuala Lumpur-based futures trader.

Palm oil prices are affected by movements in soyoil, with which it competes for global market share.

The Chicago July soybean oil contract was up 1.4% on Tuesday in line for a second day of gain.

Above-normal rainfall is expected across most of the Midwest and Plains farm belt over the next 15 days, further delaying planting of corn and soybeans and potentially damaging the quality of the developing winter wheat crop, forecasters said.

In other related oils, the September soyoil contract on the Dalian Commodity Exchange was up 0.5% and the Dalian September palm oil contract rose 0.3%.

Palm, soy and crude oil prices at 1053 GMT

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM4.1870)
(US$1 = 69.6350 Indian rupees)
(US$1 = 6.9102 Chinese yuan)