VEGOILS-Palm snaps two-day losing streak on short-term demand, supply outlook

(Updates closing price) KUALA LUMPUR, Oct 16 (Reuters) - Malaysian palm oil futures edged higher on Wednesday, snapping a two-day losing streak, on expected supply outlook for next year and short-term demands. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange gained 74 ringgit, or 1.75%, to 4,313 ringgit ($1,005.36) a metric ton at the close. The contract shed 1.89% in the past two sessions. Palm oil is trading higher today due to the anticipated supply outlook for the first quarter of 2025 and sustained short-term demand, said Marcello Cultrera, a grains, oilseeds and softs broker at SSY Global. Earlier this month, Oil World senior analyst David Mielke expected palm oil production to increase by 2.3 million metric tons in 2024-25 compared to the previous season. Dalian's most-active soyoil contract DBYcv1 rose 1.15%, while its palm oil contract DCPcv1 gained 1.3%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.64%. Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market. Oil steadied on Wednesday, supported by OPEC+ cuts and uncertainty over what may happen next in the Middle East conflict, although an outlook for ample supply next year added downward pressure. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.39% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies. Cargo surveyors estimate exports of Malaysian palm oil products rose between 14% and 15.6% during Oct. 1-15, compared with the same period a month ago. ($1 = 4.2900 ringgit) (Reporting by Ashley Tang; Editing by Sumana Nandy and Shilpi Majumdar) (([email protected];)) ((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 ))