VEGOILS-Palm rises on stronger soyoil at Dalian

By Dewi Kurniawati JAKARTA, Jan 13 (Reuters) - Malaysian palm oil futures opened higher on Monday, tracking the rise in rival soyoil on the Dalian market. The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange rose 97 ringgit, or 2.21%, to 4,488 ringgit ($995.12) a metric ton in early trade. FUNDAMENTALS * Dalian's most-active soyoil contract DBYcv1 rose 2.63%, while its palm oil contract DCPcv1 added 3.04%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.26%. * Palm oil tracks 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 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 0.33% against the U.S. dollar, making the commodity cheaper for buyers holding foreign currencies. MARKET NEWS * Asian shares slipped on the day, while the dollar held near 14-month peaks after an unambiguously strong payrolls report propelled bond yields and tested lofty equity valuations just as the earnings season gets underway. MKTS/GLOB DATA/EVENTS China Exports YY, Imports YY Dec China Trade Balance USD Dec ($1 = 4.5100 ringgit) (Reporting by Dewi Kurniawati; Editing by Savio D'Souza) (([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 ))