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DJ. Crude palm oil futures on Malaysia's derivatives exchange ended lower Tuesday as investors booked profits after the market rose to the highest level in six weeks.

The benchmark November contract on Bursa Malaysia Derivatives ended 2% lower at 3,029 ringgits a metric ton after moving in a MYR3,024-MYR3,078 range. The contract rose Monday to MYR3,122/ton, the highest since July 17.

"Palm oil prices have eased, but declines are in line with the broader markets," an analyst at a Kuala Lumpur-based bank said, adding that the market will likely remain rangebound as investors may refrain from making aggressive bets ahead of U.S. Fed Chairman Ben Bernanke's remarks at Jackson Hole symposium on Friday.

Forecast for rain in parts of U.S. Midwest and declines in Chicago soyoil futures also added to the selling pressure, market participants said.

Still, palm oil's losses were limited due to steady export demand and forecasts for lower August production as harvesting slowed during the Muslim fasting month and Id celebrations. Planters said production in the first 20 days of August fell 4% from a month earlier.

In the cash market, refined palm olein for September shipment was offered at $990/ton, while October/November/December shipment was offered at $1,000/ton, free on board Malaysian ports, a physical market broker in Singapore said.

Open interest on the BMD was 120,647 lots, versus 140,216 lots Monday. One lot is equivalent to 25 tons.

A total of 26,978 lots of CPO were traded versus 25,999 lots Monday.

Ending BMD CPO futures prices in MYR/ton: 
Month   Close  Previous  Change   High    Low 
Sep'12  2,974     3,032     -58  3,013  2,979 
Oct'12  3,000     3,068     -68  3,055  3,006 
Nov'12  3,029     3,091     -62  3,078  3,030 
Dec'12  3,041     3,102     -61  3,092  3,045 
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