March 22, 2022: Malaysian palm oil futures rose Tuesday, supported by higher crude oil prices, continuing a modest recovery for a second straight session after their biggest weekly decline since 1986.
The reference palm oil contract FCPOc3 for delivery in June on the Bursa Malaysia Derivatives Exchange rose 1.6% in early trading to 5,865 ringgits per tonne.
* Oil futures extended their gains Tuesday morning after news that some members of the European Union are considering sanctions on Russian oil and as attacks on Saudi oil facilities have terrified the market.
* Stronger crude makes palm a more attractive option for biodiesel feedstocks.
* Malaysia maintains April’s export tax on crude palm oil at 8%, a circular on the website of the Malaysian Palm Oil Board said Monday.
* Palm fell 16% last week after top producer Indonesia waived volume restrictions on exports. Lifting export restrictions would increase global palm oil supplies, which in turn could depress international crude palm oil prices, analysts say.
* Dalian’s most active soybean oil contract DBYcv1 rose 1.34%, while its palm oil contract DCPcv1 gained 1.78%. Soybean oil prices on the Chicago Board of Trade BOcv1 were up 0.88%.
* Palm oil is affected by price movements in related oils as they compete for a share of the global vegetable oils market.
* Palm oil may retest a support of 5,606 ringgits per tonne, a break below that could lead to a decline in the range of 5,384-5512 ringgits, said Reuters technical analyst Wang Tao.
* Brazil had harvested 69% of its 2021/22 soybean crop on Thursday, up from 59% around the same time last year, agribusiness consultancy AgRural said Monday.
* China’s state planner said Monday it had asked major companies to release 1 million tons of state potassium reserves.
* Gains in banks, energy and mining stocks lifted Asian stocks slightly higher on Tuesday as investors braced for aggressive US rate hikes and war that disrupts oil supplies.
* Chicago wheat futures rose more than 2% on Tuesday, extending gains into a second session as expectations of a protracted war between Russia and Ukraine fueled concerns over global inventories. Soybeans were up 1.3%, while corn was up about half a percent, contributing to Monday’s gains.
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