15 July 2019 (The Edge Markets MY) KUALA LUMPUR : Malaysian palm oil futures climbed on Monday to their highest in more than a week, tracking strength in US grains on the Chicago Board of Trade (CBOT) and related edible oils on China's Dalian Commodity Exchange.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 0.5% at RM1,953 (US$475.65) per tonne by the midday break, in line for a third straight session of gains.

It earlier rose as much as 1.1% to RM1,965, its highest since July 5.  

Palm oil may rise to RM1,966 per tonne, as it could have bottomed around a support at RM1,929, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

"Palm prices are tracking the Dalian and US grains markets, as the weather forecasts seem bad in the United States," said a Kuala Lumpur-based trader.

"Exports also should improve," he said, referring to Malaysian palm oil shipments in July.

Palm oil exports from Malaysia, the world's second-largest producer and exporter, rose in the first half of this month from a month earlier, showed cargo surveyor data from AmSpec Agri Malaysia and Intertek Testing Services.

US soyoil futures on the CBOT rose 0.4%, in line with gains in US corn, wheat and soybean futures. US grains rose on Monday as forecasts for hot, dry weather across a key North American growing region stoked fears that crops could face further damage.

In other related oils, the September soyoil contract on Dalian rose 0.6%, while the Dalian September palm oil contract gained 0.7%.

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