Source: China Grain Network
Crude palm oil futures on the Malaysia Derivatives Exchange (BMD) fell for the third day in a row on Friday, closing at a three-month low, mainly following the decline in the external edible oil market.ContraarcadeIt's a drag. Higher-than-expected inventory data from Malaysia's Palm Oil Authority, coupled with weak exports so far this month, have also put pressure on palm oil prices.
By the close, palm oil futures were down 12 ringgit to 76 ringgit, with crude palm oil down 21 ringgit or 0% in July 2024.Contraarcade.55% was quoted at 3810 ringgit per ton, or about US $803.9, the lowest price since mid-February.
The benchmark contract trades in a range of RM3767 to RM3848.
Palm oil futures fell 0.83% this week, the fifth consecutive week of decline, continuing the decline from an one-year high of 4443 ringgit hit in early April. With the South American soybean harvest on the market, the global oilseed crushing growth and an adequate supply of vegetable oil are putting palm oil under pressure. Overnight soybean oil futures fell 2.63%, and Dalian soybean oil and palm oil fell sharply on Friday, putting palm oil under pressure.
Malaysian palm oil stocks rose for the first time in six months at the end of April as production rose sharply in April and exports slowed, the Malaysian Palm Oil Authority said on Friday.
Ani Kumar, head of research at Sangwen Group, a broker in Mumbai? Mr Bhagni said the MPOB data were "slightly pessimistic" because the market had priced in most of the bearishness associated with production growth. In addition, 3690 ringgit constitutes a key support, there may be bargain buying.
Malaysian palm oil exports fell 14.2 per cent to 14.8 per cent month-on-month in early May, according to ITS and AmSpec, shipping research agencies on Friday.
Market participants are also watching the upcoming USDA supply and demand report. Analysts expect the report to show that u.s. soybean production in 2024 rose nearly 7% year-on-year in 25, and ending inventories will hit a five-year high, which could have a negative impact on soybeans and manufactured goods markets if the forecast becomes a reality.
Judging from the trend of external markets, Chicago soybean oil futures rose 0.46 cents to 43.10 cents per pound in Asian trading on Friday, up 0.05% from a week ago. September soybean oil futures on the Dalian Commodity Exchange fell 158yuan to 7570 yuan / ton on Friday. September palm oil futures fell 0.76% from a week ago, while September palm oil futures fell 152yuan to 7286 yuan / ton, down 1.01% from a week ago. Brent crude, the global benchmark, rose 60 cents to 84.48 dollars a barrel, up 1.83 percent from a week ago.
The exchange rate strengthened on Friday, making the palm oil quoted by Ringji more expensive for buyers holding other currencies.
The ringgit exchange rate was 4.739 ringgit to the dollar, 4.741 ringgit on Thursday and 4.740 ringgit last Friday.
Note: 4.739 ringgit to the dollar
Master Boyi