Palm oil tracks rival oils higher; export data in focus

Malaysian palm oil futures opened higher on Thursday, tracking strength in rival oils, while the market braced for Malaysia's export data for the first half of May.

The benchmark palm oil contract FCPO1! for August delivery on the Bursa Malaysia Derivatives Exchange was up 11 ringgit, or 0.29%, at 3,866 ringgit ($825.36) a metric ton during the morning trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract (DBYcv1) rose 1.66%, while its palm oil contract CPO1! gained 1.43%. Soyoil prices on the Chicago Board of Trade ZL1! increased 0.28%.

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

* Exports of Malaysian palm oil products for May 1-15 fell 17.6% to 574,760 metric tons from 697,449 tons shipped during April 1-15, independent inspection company AmSpec Agri Malaysia said on Wednesday.

* According to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products for May 1-15 fell 5.2% to 600,777 metric tons from 633,680 metric tons shipped during the same period in April.

* Most of Argentina's top farmland, a top global grains producer and exporter including for soybeans, will likely suffer a lack of rain over the next week along with lower temperatures, the Buenos Aires Grains Exchange said in a report released on Wednesday.

* The U.S. soybean crush plunged in April to a seven-month low, missing all trade estimates, while soyoil stocks unexpectedly declined for the first time in six months, according to National Oilseed Processors Association (NOPA) data released on Wednesday.

* Palm oil FCPO1! may test resistance at 3,899 ringgit per metric ton, a break above could open the way towards 3,942 ringgit, according to Reuters' technical analyst Wang Tao.