CORRECTED-VEGOILS-Palm jumps to more than 16-mth high on strength in rival oils
(Corrects milestone in headline and lede to clarify futures were highest since June 12, 2018) By Liz Lee KUALA LUMPUR, Oct 23 (Reuters) - Malaysian palm oil futures jumped nearly 2% in early trade on Wednesday to hit their highest since June 12 last year, lifted by overnight gains in rival oilseeds. A weaker ringgit, a rosier palm oil consumption outlook in Malaysia, and Indonesia's biofuels push helped sentiment in the last session. The ringgit was last down 0.1% against the dollar. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange rose as much as 1.8% to 2,359 ringgit ($562.74) per tonne in the first hour of trade. Dalian's January palm oil contract rose 1.1%, while the January soyoil contract climbed 2.2%. U.S. soyoil futures on the Chicago Board of Trade were up 0.3%. Palm oil is affected by price movements in related oils as they compete for share in the global vegetable oils market. FUNDAMENTALS * Chicago soybean futures rose for a second session on Wednesday with expectations of Chinese buying supporting prices. * Oil slipped on Wednesday after U.S. industry data showed a bigger-than-expected build in crude stockpiles, but possible deeper production cuts coming from OPEC and its allies prevented a further slide in prices. MARKET NEWS * U.S. stock futures and Asian shares slipped on Wednesday as a revenue warning from Texas Instruments raised worries about the global tech sector and after British lawmakers forced the government to hit the pause button on the latest Brexit deal. * U.S. stocks ended lower on Tuesday, giving up early gains after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union. * The pound edged lower on Wednesday after an overnight fall as Brexit hung in the balance, with the British Parliament still divided on how, when or even if to engineer Britain's departure from the European Union. DATA/ EVENTS (GMT) 0645 France Business Climate Mfg Oct 1400 EU Consumer Confid. Flash Oct Palm, soy and crude oil prices at 0311 GMT Contract Month Last Change Low High Volume MY PALM OIL NOV9 2272 +36.00 2260 2272 68 MY PALM OIL DEC9 2313 +40.00 2297 2317 785 MY PALM OIL JAN0 2354 +37.00 2340 2359 5818 CHINA PALM OLEIN JAN0 4960 +122.00 4880 4974 718926 CHINA SOYOIL JAN0 6120 +76.00 6046 6136 543204 CBOT SOY OIL DEC9 30.98 +0.13 30.8 30.98 3420 INDIA PALM OIL OCT9 0.00 +0.00 0.00 0 0 INDIA SOYOIL NOV9 0 +0.00 0 0 0 NYMEX CRUDE DEC9 54.06 -0.42 54.04 54.31 13768 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 = 4.1920 ringgit) (Reporting by Liz Lee; Editing by Amy Caren Daniel)
