Palm oil snaps 4-day rally as USDA reports upbeat soybean stock estimates

KUALA LUMPUR: Malaysian palm oil futures snapped a four-day rally on Wednesday, as the US Department of

Agriculture (USDA) reported higher than expected soybean stocks estimates, but hopes of higher exports during Feb. 1-10 limited losses.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange slid 12 ringgit, or 0.34%, to 3,560 ringgit ($880.10) a tonne during early trade.

Investors are awaiting Malaysian Palm Oil Board data for January supply and demand due later in the day for more direction.

Cargo surveyors are also scheduled to release Feb. 1-10 export data, which the market is speculating to rise 33% to 45% monthly .