01.04.2021 (in.investing.com) - SINGAPORE, April 1 (Reuters) - Malaysian palm oil futures opened more than 2% higher on Thursday, tracking gains in rival oils on the Chicago Board of Trade (CBOT) and the Dalian Commodity Exchange.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange rose 2.2% to 3,691 ringgit ($890.47) per tonne in early trade, after Wednesday's 1.1% increase.

"Palm is up because of gains in external markets," a Kuala Lumpur-based trader told Reuters.

Chicago soybeans rose to their highest in nearly a month, buoyed by smaller-than-expected U.S. planting. The soyoil contract BOc2 was flat. Dalian's most-active soyoil contract DBYcv1 rose 1.7% and its palm oil contract DCPcv1 climbed 1.9%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

FUNDAMENTALS

* Chicago corn futures climbed more than 3%, hitting their highest since 2013, as the market was buoyed by smaller-than-expected U.S. planting. GRA/

* Crude prices rose, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later in the day would yield output constraint in the face of resurgent COVID-19 infections in some regions. O/R

MARKET NEWS

* Stocks crept higher following their weakest quarter in a year, while higher Treasury yields supported the dollar, as investors parsed the details of a $2 trillion U.S. government spending plan and hoped for strong jobs data later in the week. MKTS/GLOB DATA/EVENTS (GMT) 0750 France Markit Mfg PMI

March 0755 Germany Markit/BME Mfg PMI

March 0800 EU

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March 0830 UK

Markit/CIPS Mfg PMI Final March 1230 US

Initial Jobless Clm

Weekly 1345 US

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March 1400 US

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March ($1 = 4.1450 ringgit)

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