The benchmark palm oil contract 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 normal monsoon rains 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 fell
0.2%. Dalian's most-active soyoil contract rose 0.6%,
while its palm oil contract 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. 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)
(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))
