VEGOILS-Palm gains on soyoil strength at Dalian and Chicago

(Updates with midday break prices, trader comment) By Dewi Kurniawati JAKARTA, Jan 13 (Reuters) - Malaysian palm oil futures extended gains on Monday, tracking strength in rival soyoil on Dalian and Chicago markets. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 93 ringgit, or 2.12%, to 4,484 ringgit ($994.90) a metric ton by the midday break. "Today's market is tracking external performance of Dalian and Chicago soyoil," a Kuala Lumpur-based trader said. Dalian's most-active soyoil contract DBYcv1 rose 2.44%, while its palm oil contract DCPcv1 added 2.43%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.1%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. China's soybean oil and meal futures logged their biggest daily rise since 2023 on Monday, while rapeseed meal and palm oil contracts also jumped, following a rally in the Chicago soy complex after the release of bullish USDA crop reports. The U.S. Department of Agriculture (USDA) last Friday projected lower-than-expected U.S. soybean production and lowered its soy ending stocks due to a dry end to the growing season, sending Chicago soybean and soyoil prices to multi-month highs. Malaysia's palm oil stocks declined for a third straight month in December, falling 6.91% to 1.71 million metric tons, 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 estimated that Malaysian palm oil exports fell between 21.4% and 26.8% during the Jan. 1-10 period. Oil prices extended gains for a third session on Monday, with Brent rising above $81 a barrel to its highest in more than four months, as wider U.S. sanctions are expected to affect Russian crude exports to top buyers China and India. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The Malaysian ringgit MYR= , palm's currency of trade, fell 0.31% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. Palm oil FCPOc3 is expected to rise towards 4,646 ringgit per metric ton, the peak of a wave B, according to Reuters' technical analyst Wang Tao. ($1 = 4.5070 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Pv7hHg ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Savio D'Souza and Mrigank Dhaniwala) (([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 ))