09.04.2018 (Reuters) –  

    * Palm falls after three earlier winning sessions

    * Stronger ringgit also weighs on palm - trader

    * Official Malaysia data release scheduled for April 10

    By Emily Chow

    KUALA LUMPUR, April 9 (Reuters) - Malaysian palm oil futures fell on profit-taking on Wednesday after three sessions of gains

while a stronger ringgit and overnight losses in U.S. soyoil on the Chicago Board of Trade also weighed.

    The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange fell 1 percent to

2,480 ringgit ($642.32) a tonne at the midday break, its sharpest fall in three weeks.

    Palm had hit a five-week high in the previous session after Malaysia announced it would extend tax exemptions on crude palm

oil (CPO) exports to a fourth straight month in April.

    Trading volumes stood at 13,422 lots of 25 tonnes each at noon.

    "We're seeing some profit-taking after palm's last session, which was overdone on the upside, and ahead of the Malaysian

Palm Oil Board report due tomorrow," said a Kuala Lumpur-based futures trader.

    The Malaysian industry regulator is scheduled to release official data on palm oil's March stockpiles, production and exports after 0430 GMT on Tuesday. 

    End-stocks in Malaysia are forecast to have declined 8.6 percent from February to 2.27 million tonnes, while exports are seen rising to 19.3 percent on-month to 1.57 million tonnes, according to a Reuters poll.

    Meanwhile, production is seen up 11.3 percent to 1.49 million tonnes in March.

    The trader also added that weaker overnight soyoil on the Chicago Board of Trade and a stronger ringgit also weakened palm oil prices on Monday.

    A stronger ringgit, palm's currency of trade, typically makes the edible oil more expensive for foreign buyers. The ringgit slightly strengthened against the dollar in early trade on Monday, rising 0.2 percent to 3.8610 per dollar around noon.

    In related oils, the Chicago Board of Trade's May soybean oil contract declined 0.8 percent on Friday, but was last up 0.3 percent on Monday.

    The May soybean oil on China's Dalian Commodity Exchange  jumped 2.1 percent, while the Dalian May palm oil contract rose 1.4 percent.

    Palm oil prices are impacted by movements in rival edible oils as they compete for a share in the global vegetable oils market.   

    Palm, soy and crude oil prices as of 0450 GMT

 Contract                            Month             Last        Change        Low         High       Volume

 MY PALM OIL                    APR8                0            +0.00             0              0                 0

 MY PALM OIL                   MAY8             2480         -29.00        2480           2497             386

 MY PALM OIL                    JUN8            2480          -25.00        2479           2498            7151

 CHINA PALM OLEIN         SEP8             5224         +96.00        5202           5350        250662

 CHINA SOYOIL                  SEP8           6056       +120.00         6020          6198        492364

 CBOT SOY OIL                 MAY8           31.63          +0.10          31.5         31.75           9186

 INDIA PALM OIL              APR8            651.70          -3.10       651.00         653.5             79

 INDIA SOYOIL                  APR8            780.7          -0.40         780.7           783             220

 NYMEX CRUDE               MAY8             62.31         +0.25       61.93          62.36          34164

  

  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 = 3.8610 ringgit)

($1 = 64.8900 Indian rupees)

($1 = 6.2977 Chinese yuan)