VEGOILS-Palm retreats on weak export demand, stronger ringgit

(Update with closing prices) JAKARTA, Jan 22 (Reuters) - Malaysian palm oil futures snapped a three-session rally on Wednesday, weighed down by cargo surveyor data showing weak export demand and a stronger ringgit. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange lost 52 ringgit, or 1.22%, to 4,208 ringgit ($949.24) a metric ton at closing. "Crude palm oil futures are range trading between 4,180 and 4,280 ringgit while waiting for new leads on the back of weak exports and slower production," a Kuala Lumpur-based trader said. Exports of Malaysian palm oil products for Jan. 1-20 were estimated to have fallen between 18.2% and 23%, according to cargo surveyors Intertek Testing Services and independent inspection company AmSpec Agri Malaysia. The Malaysian ringgit, palm's currency of trade, strengthened 0.89% against the U.S. dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders. Dalian's most-active soyoil contract DBYcv1 was up 0.03%, while its palm oil contract DCPcv1 fell 1.02%. Soyoil on the Chicago Board of Trade BOc2 was down 0.22%. Palm oil tracks price movements in rival edible oils as it competes for a share of the global vegetable oils market. Malaysian CPO futures are expected to average higher in 2025 than last year, as top producer Indonesia boosts palm oil-based biodiesel consumption, although competition from cheaper rivals is expected to limit the upside, a Reuters poll showed. Indonesia's palm oil fund agency has resumed fund disbursement to subsidise biodiesel and oil palm tree replanting programmes after a brief pause during a reorganisation, agency official Achmad Maulizal said on Wednesday. Palm oil may revisit the Jan. 16 low of 4,106 ringgit per ton, as a bounce triggered by this barrier seems to have completed around 4,265 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4330 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/42dVXXt ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bernadette Christina; Editing by Rashmi Aich, Subhranshu Sahu and Maju Samuel) (([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 ))