11/04/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures fell on Wednesday after closing at a one-week peak in the previous session, with weak April exports so far weighing on market sentiment.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange slid 45 ringgit, or 1.16%, to 3,843 ringgit ($870.44) a tonne in early trade after two straight sessions of gains.

FUNDAMENTALS

* Exports of Malaysian palm oil products for April 1-10 fell 16.2% to 408,663 tonnes from 487,530 tonnes shipped during March 1-10, cargo surveyor Societe Generale de Surveillance said on Tuesday.

* India is likely to receive in 2023, the state-run weather office said on Tuesday, the fifth straight year of normal or above normal summer rains that spur farm and overall economic growth in Asia's third-biggest economy.

* Soybean production in Argentina will fall to a 23-year low, smaller than previously thought, as a crop-wasting drought decimated fields in the key South American producer, the U.S. government said on Tuesday.

* Soyoil prices on the Chicago Board of Trade BOcv1 fell 0.2%. Dalian's most-active soyoil contract DBYcv1 rose 0.6%, while its palm oil contract DCPcv1 gained 1.5%.

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

MARKET NEWS

* Asian equities inched lower ahead of a crucial U.S. inflation report that will likely influence the Federal Reserve's monetary policy path, with markets wagering another hike in interest rates at the central bank's next meeting. MKTS/GLOB

DATA/EVENTS (GMT)

1230 US Core CPI MM, SA March

1230 US Core CPI YY, NSA March

1230 US CPI MM, SA March

1230 US CPI YY, NSA March

1230 US CPI Wage Earner March

1800 Federal Open Market Committee issues minutes

from its meeting of March 21-22

($1 = 4.4150 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-falls-from-one-week-peak-as-weak-april-exports-weigh