Palm rangebound as strong Chicago soyoil counters sluggish exports

Malaysian palm oil futures traded in a narrow range on Wednesday, as concerns over sluggish exports and elevated inventories continue to pressure the market, though stronger Chicago soyoil and crude oil supported prices. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 5 ringgit, or 0.13%, to 3,957 ringgit ($969.14) a metric ton at the midday break. The contract fell 1.39% in the last three consecutive sessions. The market remains concerned about the weak exports and high stock levels in the country, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. However, the rebound in Chicago soybean oil and crude oil markets kept prices supported, Ng added. Dalian’s most-active soyoil contract fell 0.73%, while its palm oil contract shed 0.97%. Soyoil prices on the Chicago Board of Trade were up 0.19%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global ...