21 Aug 2019 (Yahoo Singapore News) (Reuters)  KUALA LUMPUR - Malaysian palm oil futures edged lower on Wednesday morning, as a stronger ringgit capped the support from gains in other edible oils. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last down 0.6% at 2,163 ringgit ($518.58) per tonne. U.S. soyoil futures on the Chicago Board of Trade were last up 0.3%, while the September soyoil contract on the Dalian exchange was last 0.1% higher on Wednesday morning. The ringgit, the currency which palm is traded in, rose 0.24% against the dollar, making the edible oil cheaper for foreign buyers.

FUNDAMENTALS * Palm oil may retest a support at 2,160 ringgit per tonne, following its failure to break a resistance at 2,192 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. * Chicago corn futures ticked higher on Wednesday as the market recovered after two days of losses, with support from a U.S. crop tour forecasting lower yields. * Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains.

MARKET NEWS * Asian shares fell on Wednesday as fresh worries about a global recession led investors to dump risky assets, with U.S. President Donald Trump showing no signs of backing down in his trade war with China. * Financial shares led U.S. stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week. * The dollar was on the defensive on Wednesday, elbowed off a three-week peak by a reversal in U.S. yields as they headed south again ahead of a meeting of central bankers, at which the Federal Reserve is expected to give clues on further rate cuts.

DATA/EVENTS 1400 US Existing Home Sales July 1800 US Federal Open Market Committee releases the minutes from its July 30-31 policy meeting Palm, soy and crude oil prices at 0249 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP9 2117 -12.00 2117 2121 2 MY PALM OIL OCT9 2143 -10.00 2143 2146 84 MY PALM OIL NOV9 2167 -10.00 2164 2172 805 CHINA PALM OLEIN SEP9 4652 +20.00 4648 4702 26560 CHINA SOYOIL SEP9 6034 +16.00 6022 6098 23286 CBOT SOY OIL SEP9 28.51 +0.08 28.43 28.62 630 INDIA PALM OIL AUG9 0.00 +0.00 0.00 0 0 INDIA SOYOIL SEP9 749.15 +0.45 749 752.5 12590 NYMEX CRUDE OCT9 56.28 +0.15 56.03 56.30 13642 Palm oil prices in Malaysian ringgit per tonne 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 ($1 = 4.1710 ringgit) ($1 = 71.5500 Indian rupees) ($1 = 7.0557 Chinese yuan) (Reporting by Liz Lee; editing by Rashmi Aich)