Malaysian palm oil futures up

Malaysian crude palm oil (CPO) futures ended up on Wednesday, ignoring losses in Chicago soyaoil overnight, as speculation over exports for March 1-25 fanned buying.
Two cargo surveyors monitored by the market, Intertek Testing Services (ITS) and Societe Generale de Surveillance (SGS), are due to release on Thursday shipment estimates for Malaysian palm oil for the first 25 days of March.
Dealers said market guess was that ITS could cite an export volume of up to 820,000 tonnes for March 1-25 about 157,000 tonnes, or 24 percent, more than its March 1-20 estimate.
"That would be keeping with the way cargo loadings have been going over the last few days," said a trader.
"But on relative month-on-month terms, the exports are not really much," he said, referring to ITS's estimate of 784,548 tonnes for February 1-25.
At Wednesday's close, the benchmark third-month CPO contract on the Malaysia Derivatives Exchange, June, was up 21 ringgit to 1,969 ringgit ($518.16) a tonne.
It had hit a high of 1,978. Volume stood at 6,850 lots crossing the 5,000-lot mark for the first time since on Friday.
Dealers said the market ignored a soft close in Chicago soya overnight. Soya is palm's main rival and prices of both its bean and oil often dictate direction on the MDEX.
Soyaoil futures on the CBOT, or Chicago Board of Trade, closed down 0.17 cent per lb to 0.50 cent on Tuesday, with the key may contract down 0.05 cent per lb at 34.80 cents.
In physical CPO trading on Wednesday, the March contract saw bids/offers at 2,015/2,020 ringgit a tonne in the southern region against on Tuesday's close of 2,005/2,010.
In the central region, the cash contract for March saw bids at 2,005 ringgit a tonne and offers at 2,015. Trade for March was reported at 2,020-2,015 ringgit a tonne in the south and 2,005-2,010 in the central zone.
Physical CPO for April saw bids/offers at 2,005/2,020 ringgit a tonne in the south and 2,000/2,015 in the central region. Trade for April was reported at 2,010 ringgit a tonne in the south and 2,000 in the central zone.
PALM OIL FUTURES:
March (south): 2020.
Open/High/Low: 1950/1978/1948.
Previous closes: 2010.
PALM OIL PHYSICALS:
June (3rd month): 1969.
Previous settlement: 1948.
FUTURES: Benchmark third-month June up 21 ringgit to 1,969 ringgit ($518.16) a tonne.
PHYSICALS: Also up.