VEGOILS-Palm edges lower on weaker export demand and Chicago soyoil prices

(Updates midday prices and adds trader's comment) KUALA LUMPUR, Nov 20 (Reuters) - Malaysian palm oil futures slipped on Wednesday, weighed down by sluggish export demand and weaker Chicago soyoil prices, while investors awaited cargo surveyor data for further direction. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 33 ringgit, or 0.67%, to 4,891 ringgit ($1,094.92) a metric ton by the midday break. The contract rose 0.51% in the last session. The market traded lower on weaker export demand and declining Chicago soybean oil prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. Cargo surveyors are expected to release later in the day their estimates for Malaysian palm oil exports during the Nov. 1-20 period. Dalian's most-active soyoil contract DBYcv1 rose 0.2%, while its palm oil contract DCPcv1 added 0.59%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.25%. Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Oil edged higher amid an escalation in the Ukraine war and signs of growing Chinese crude imports, while rising U.S. crude stocks checked overall price gains. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.09% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Malaysia raised its December export tax for crude palm oil to 10% and increased its reference price to 4,471.39 ringgit a ton, a circular on the Malaysian Palm Oil Board website showed. Palm oil may test support at 4,869 ringgit per ton, a break below which could open the way towards 4,732 ringgit to 4,816 ringgit range, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4670 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Zpuq3T ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Rashmi Aich and Subhranshu Sahu) (([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 ))