VEGOILS-Palm tracks Chicago soyoil higher but set for second weekly loss

(Updates with midday break prices, analyst's comment) KUALA LUMPUR, Jan 10 (Reuters) - Malaysian palm oil futures edged higher on Friday, tracking stronger Chicago soyoil, but were set for a second consecutive weekly loss. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 45 ringgit, or 1.05%, to 4,341 ringgit ($966.17) a metric ton at the midday break. The contract has declined 0.89% so far this week. "Crude palm oil futures were seen trading higher on the back of a strong recovery in overnight Chicago soyoil and during Asian hours today," said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. However, Bagani added that the expectations of a drop in Indonesian palm oil reference price for February, uncertainty over the success of Indonesia's B40 biodiesel mandate, and lacklusture Dalian palm olein futures capped the gains. Dalian's most-active soyoil contract DBYcv1 rose 0.19%, while its palm oil contract DCPcv1 lost 0.33%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 2.64%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Malaysia's palm oil stocks declined for a third consecutive month, falling 6.91% to 1.71 million metric tons at the end of December, while crude palm oil production fell 8.3% and exports plunged 9.97%, data from the Malaysian Palm Oil Board showed on Friday. Cargo surveyors are scheduled to release Jan. 1-10 export data later in the day. Crude oil prices rose in early Asian trade and were on track for a third straight week of gains, with icy conditions in parts of the United States and Europe driving up fuel demand for heating. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The Malaysian ringgit MYR= , palm's currency of trade, strengthened 0.16% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Palm oil is expected to stabilize around support at 4,263 ringgit per metric ton and bounce towards 4,362 ringgit to 4,423 ringgit range, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4930 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/427uxCQ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Varun H K and Eileen Soreng) (([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 ))