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Palm oil ticks up on lower rapeseed projections



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Updates closing prices, adds details

SINGAPORE, June 11 (Reuters) -Malaysian palm oil futures rose Tuesday, reversing midday losses, aslower rapeseed projections overshadowed U.S. soybean ratings, which were as expected.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange closed up 14 ringgit, or 0.36%, to 3,933 ringgit ($833.79) a metric ton.

In its first production estimates for this year's harvest, France's farm ministry projected the winter rapeseed crop at 4.2 million tons, down 1.2% from 2023.

Dalian's most active soyoil contract DBYcv1 slid 1.7%, while its palm oil contract DCPcv1 lost 2.69%. Soyoil prices on the Chicago Board of Trade BOcv1 slipped 0.48%.

The USDA'ssoybean crop ratings were in line with trade expectations. Soybean conditions were rated 72% "good-to-excellent" in the USDA's first ratings of 2024 for the oilseed.

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

While a weak ringgit is currently supporting palm oil prices, lower Malaysian exports expected in June have "capped the gains for upside" in the near term, said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co.

Cargo surveyors Intertek Testing Services and AmSpec Agri said exports of Malaysian palm oil products for June 1-10 fell 20.4% and 21.6%, respectively, compared to May 1-10.

Cargo surveyor Societe Generale de Surveillance, however, estimated exports for June 1-10 at 347,045 tons, up 31.8% from 263,369 tons shipped during May 1-10.

The ringgit MYR=, palm's currency of trade, strengthened 0.04% against the dollar after declining 0.66% on Monday.

Palm oil may fall this week towards the support levels of 3,850-3,870 ringgit per ton, with resistance at 3,980-4,000 ringgit, LSEG said in a report.


($1 = 4.7170 ringgit)



Reporting by Cassandra Yap; Editing by Subhranshu Sahu, Eileen Soreng and Sonia Cheema

For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 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 OILS/ASIA1
Malaysian palm oil exports SGSPALM1
CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
Dalian soyoil futures 0#DBY:
Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E
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