VEGOILS-Malaysian palm rises for third session, underpinned by overnight Chicago soyoil

JAKARTA, March 28 (Reuters) - Malaysian palm oil futures increased for a third session on Friday, supported by strength in overnight Chicago soyoil following a report that U.S. oil and biofuel producers agreed in principle to raise the mandate for renewable diesel and biodiesel. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 69 ringgit, or 1.6%, to 4,381 ringgit ($989.16) a metric ton in early trade. The contract has gained 0.14% for the week and is expected to log its first weekly gain in three weeks. FUNDAMENTALS * The most-active soyoil contract in the Dalian Commodity Exchange DBYcv1 was up 0.81%, while its palm oil contract DCPcv1 surged 2.23%. Soyoil prices on the Chicago Board of Trade (CBOT) BOc2 eased by 0.22% after it jumped 3.64% in the previous session. * Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. * U.S. President Donald Trump's administration has asked oil and biofuels producers to hash out a deal on the next phase of the nation's biofuels policy to avoid the kind of political clashes that marked his first term, according to four people familiar with the matter. * Indonesia raised its crude palm oil reference price for April to $961.54 a metric ton. * Indonesia's palm oil inventory at the end of January rose by 13.98% from the previous month despite a drop in production as exports fell to a four-month low, data from the Indonesian Palm Oil Association (GAPKI) showed on Thursday. * Oil prices edged higher on Thursday as traders assessed a tightening of crude supplies along with new U.S. tariffs and their expected effect on the world's economy. O/R MARKET NEWS * Asian stocks fell on Friday with heavy selling in South Korea and Japan while safe-haven gold hit a record high as the latest tariff salvo from U.S. President Donald Trump stoked investor worries of an all-out trade war. MKTS/GLOB ($1 = 4.4290 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/434tYdg ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Sonia Cheema) ((Bernadette.christina@Thomsonreuters.com)) ((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 ))