VEGOILS-Palm rises on stronger Chicago soyoil, crude oil prices

(Updates for mid-session trading, adds trader's comment) KUALA LUMPUR, April 2 (Reuters) - Malaysian palm oil futures rose on Wednesday for a fourth straight session, supported by stronger Chicago soyoil and energy gains. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 119 ringgit, or 2.69%, to 4,538 ringgit ($1,020.46) a metric ton at the midday break. Crude palm oil prices were higher after the holidays in Malaysia, following a rally in Chicago soyoil futures and gains in energy prices, said Anilkumar Bagani, commodity research head at Mumbai-based vegetable oils brokerage Sunvin Group. Bagani said U.S soybean oil prices rose after news that oil and biofuel groups will meet with the U.S. Environmental Protection Agency to advocate for higher federal mandates for biomass diesel blending, while the U.S. Department of Agriculture Secretary Brooke Rollins announced a funding of $537 million for biofuel infrastructure. Dalian's most-active soyoil contract DBYcv1 rose 0.76%, while its palm oil contract DCPcv1 added 2%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.15%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices steadied in thin trading after falling in the previous session on concerns that new U.S. tariffs may deepen a global trade war that could limit crude demand. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Cargo surveyors estimate that March exports rose between 0.4% and 3.92%. The ringgit MYR= , palm's currency of trade, weakened 0.32% against the dollar, making the commodity cheaper for buyers holding foreign currencies. Palm oil may retest resistance at 4,750 ringgit per ton in the second quarter of 2025, a break above which could open the way toward 5,231 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4470 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo q2 w https://tmsnrt.rs/4iOlFHB ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sonia Cheema and Rashmi Aich) ((ashley.tang@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 ))