Malaysian palm oil rose sharply with soybean oil on Monday

Introduction: on Monday morning, crude palm oil futures on the Malaysian derivatives exchange (BMD) closed sharply higher, mainly due to the boost from Friday's sharp rise in soybean oil prices in Chicago As of noon, crude palm oil futures for May delivery closed up 28 ringgit at 1402 ringgit per ton Palm oil futures jumped short and opened higher today as CBOT soybean oil futures strengthened in Friday and today's electronic trading In addition, most of the morning trading of soybean and soybean meal futures on the Dalian Commodity Exchange on Monday also encouraged sentiment Malaysian traders said the market continued to talk about possible further damage to Brazilian soybean production due to the drought, which means that soybean oil supply will be lower than expected this year, thus supporting competitive vegetable oil prices Traders said that if the afternoon session price continues to close at 1400 ringgit, indicating that the future market still has room to continue to rush higher The export data released by its this morning did not have much impact on the market According to its, Malaysia's palm oil exports reached 920073 tons in February 2005, 12.2% lower than last month's exports By contrast, the industry's forecast range before the report was 920000 tons to 935000 tons The market will focus on the export forecast data released by SGS, another shipping research organization in the afternoon Trading volume reached 6207 in the morning, more than double that of the morning of the previous trading day [the following is the closing price of BMD crude palm oil futures in the afternoon of that day, unit: ringgit / ton] the highest and lowest closing price before the closing price was March 1402 1375, 2005, up 27 1406 1398, April 1403 1376, 2005, up 27 1409 1400, may 1402 1374, 2005, up 28 1410 1398 June 2005 1401 1373 up 28 1407 1399