VEGOILS-Palm edges higher tracking overnight gains in U.S. soyoil

KUALA LUMPUR, July 11 (Reuters) - Malaysian palm oil futures ticked up in early trade on Thursday, supported by overnight gains in soyoil prices on the U.S. Chicago Board of Trade (CBoT). U.S. soyoil futures on the CBoT rose 0.3% on Wednesday. However, it later erased gains to trade 0.1% lower. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was last up 0.2% at 1,940 ringgit ($470.30) per tonne. FUNDAMENTALS * Palm oil may bounce to 1,966 ringgit per tonne, as its fall seems to be suffering from an exhausted momentum, said Wang Tao, a Reuters market analyst for commodities and energy technicals. * U.S. soybean futures edged lower on Thursday, retreating after earlier hitting a 10-day high, as traders squared positions ahead of a U.S. government report that is expected to show lower yield forecasts after recent adverse weather. * U.S. oil futures hit their highest in over a month on Thursday as a potential hurricane threatened crude output in the Gulf of Mexico and as an incident involving a British tanker in the Middle East highlighted ongoing tensions there. MARKET NEWS * Asian stocks gained and the dollar drooped on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month. * U.S. stocks ended higher and the S&P 500 index briefly crossed the 3,000-point mark for the first time on Wednesday as remarks by Federal Reserve Chairman Jerome Powell reassured investors about the potential for an interest rate cut later this month. * The dollar was soft on Thursday after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, vowing to "act as appropriate" to ensure the world's biggest economy will be able to sustain a decade-long expansion. DATA/EVENTS 0130 Australia Housing Finance May 0200 (approx) China Total Social Financing June 0200 (approx) China M2 money Supply YY June 0200 (approx) China New Yuan Loans June 0600 (approx) Germany HICP Final YY June 0645 France CPI (EU Norm) Final MM June 0645 France CPI (EU Norm) Final YY June 1130 Germany ECB publishes minutes of June monetary policy meeting 1200 (approx) Brazil Retail Sales YY May 1230 US CPI MM, SA June 1230 US Initial Jobless Claims weekly 1400 US Fed's Chairman Jerome Powell testifies on the Semiannual Monetary Report to Congress before the Senate Banking Committee Palm, soy and crude oil prices at 0247 GMT Contract Month Last Change Low High Volume MY PALM OIL JUL9 0 +0.00 0 0 0 MY PALM OIL AUG9 1916 +3.00 1913 1919 117 MY PALM OIL SEP9 1940 +3.00 1933 1944 2648 CHINA PALM OLEIN SEP9 4200 +2.00 4194 4218 179618 CHINA SOYOIL SEP9 5446 +4.00 5434 5470 195000 CBOT SOY OIL AUG9 28.06 -0.03 28.05 28.16 624 INDIA PALM OIL JUL9 0.00 +0.00 0.00 0 0 INDIA SOYOIL JUL9 730 +1.05 728.7 731.5 5620 NYMEX CRUDE AUG9 60.58 +0.15 60.33 60.70 36267 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 = 4.1250 ringgit) ($1 = 68.3460 Indian rupees) ($1 = 6.8721 Chinese yuan renminbi) (Reporting by Emily Chow; editing by Rashmi Aich)