20121109 1703 Palm Oil Related News.

VEGOILS-Palm oil inches up ahead of data, on track for weekly loss
Fri Nov 9, 2012 1:09am EST
* Prices set for worst weekly loss since September
    * Traders cautious ahead of data from USDA, MPOB
    * Palm oil to consolidate in 2,321-2,377 ringgit range
-technicals
    * Wilmar Q3 profit jumps 26 pct, oilseeds and grains rebound

 (Updates prices, adds details)
    By Chew Yee Kiat
    SINGAPORE, Nov 9 (Reuters) - Malaysian palm oil futures
inched up on Friday, pulling off a one-month low, but remained
on track for their steepest weekly loss since September, as
traders stayed cautious ahead of key industry reports.
    Bearish sentiment dominated ahead of Malaysian Palm Oil
Board (MPOB) stocks data on Monday, which could show October
inventory at a record-high 2.67 million tonnes, according to a
Reuters survey.      
    Traders will also be expecting higher forecasts for U.S.
soybean crops from a U.S. Department of Agriculture report later
in the day, which could lead to a higher supply of rival soybean
oil and weigh on palm oil prices.  
    "Positioning ahead of the MPOB report will continue. Effects
of weather vagaries will become clearer in the weeks and months
ahead," a trader with a commodities brokerage in Malaysia said,
referring to year-end floods that could hurt output and lift
prices.
    "But a hangover from high supply will certainly send any
price recovery into a tailspin," the trader added.
    By the midday break, the benchmark January contract
on the Bursa Malaysia Derivatives Exchange gained 0.2 percent to
2,341 ringgit ($765) per tonne. Prices had earlier fallen to
2,317 ringgit, the lowest since Oct. 3.
    Total traded volumes stood at 13,326 lots of 25 tonnes each,
slightly higher than the usual 12,500 lots.  
    Malaysian palm oil futures have lost more than 26 percent so
far this year, weighed down by record high stocks and global
economic uncertainty. For the week, prices looked set to post a
6.2 percent loss, their worst since the end of September.
    Technicals showed palm oil has support at 2,321 ringgit and
may consolidate above this level and below 2,377 ringgit per
tonne for one trading session, Reuters market analyst Wang Tao
said.
    Singapore palm oil firm Wilmar International Ltd
beat forecasts with a rise of 26 percent in third-quarter net
profit, helped by its sugar business and a rebound in its
oilseeds and grains unit after two quarters of losses.
   
    In related markets, Brent crude futures steadied above $107
on Friday and were poised to end the week with a marginal gain,
but prices are likely to remain under pressure as the outlook
for the global economy, and fuel demand, remains weak.
    In other vegetable oil markets, U.S. soyoil for December
delivery edged down 0.6 percent in early Asian trade. The
most active May 2013 soybean oil contract on the Dalian
Commodity Exchange lost 1.1 percent.