Polls over the weekend showed Greece’s pro-austerity conservative New Democracy party has moved into first place ahead of elections June 17.

The benchmark August contract on the Bursa Malaysia Derivatives exchange ended 0.2% at MYR3,138 a metric ton after moving in a MYR3,129-MYR3,158 range.

Palm oil prices will likely be choppy in coming sessions, ahead of the Greek elections, with any bearish developments in the country causing further volatility in the market, an analyst at a Singapore-based bank said. “The market could ease to MYR2,900/ton if there’s no solution to the euro-zone issue,” he said.

Palm oil is down nearly 9% since the beginning of the month. Trading executives said the pullback helped bring forward buying interest from end-buyers in the Middle East, who are stocking up on vegoils ahead of the Muslim fasting month of Ramadan in July that is followed by the Eid festival in August.

“We’re seeing very good interest coming in from the Middle East ahead of Ramadan,” a vegoil exporter in Pasir Gudang said.

Cargo surveyors Intertek Agri Services and SGS Malaysia Bhd. are scheduled to issue Malaysia’s May export estimates, widely expected to be above 1.50 million tons on the back of buying interest from the Middle East and India, a Jakarta-based trading executive said.

Investors are also keeping a close watch on weather patterns in the region as a likely return of the El Nino weather pattern, usually associated with drier and reduced rainfall, could affect yields and slow palm oil output in Southeast Asia.

In the cash market, refined palm olein for July was traded at $1,030/ton while July/August/September was traded at $1,030/ton and $1,032.50/ton, free on board Malaysian ports, a Singapore-based physical market broker said.

Cash CPO for prompt shipment was offered at MYR3,160/ton.

Open interest on the BMD was 102,459 lots, versus 101,849 lots Friday. One lot is equivalent to 25 tons.

A total of 24,320 lots of CPO were traded versus 35,239 lots Friday.

Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT: 

Month   Close  Previous  Change   High    Low
Jun'12  3,120     3,100     +20  3,139  3,120
Jul'12  3,147     3,130     +17  3,158  3,133
Aug'12  3,144     3,130     +14  3,158  3,129
Sep'12  3,136     3,123     +13  3,152  3,123

The benchmark August contract at Bursa Malaysia Derivatives ended 0.3% higher at MYR3,095 a metric ton after moving in a MYR3,095-MYR3,146 range.

July soyoil on the Chicago Board of Trade was 0.2% higher at 50.54 cents a pound by the end of trade on BMD.

Palm oil, a key raw material used to make a variety of consumer products ranging from biscuits to lipstick and chocolates, tumbled to MYR3,052/ton on Wednesday, the lowest level in three-and-a-half months, as investors worry about euro-zone growth.

“Technically, the palm oil market is oversold and that prompted some buying interest in the market today,” a technical analyst at a Kuala Lumpur-based brokerage said.

Macroeconomic sentiment will continue to dominate palm oil’s market direction for the rest of the week, she said, although she cautioned that the market remains vulnerable to further liquidation if doubts about euro-zone debt problems intensify.

Still, forecasts for global vegetable oil supplies may help support palm oil and prevent a fall to MYR3,000/ton, an exporter in Johor said.

Production deficits in major soybean exporters Argentina and Brazil and weaker CPO production growth in Southeast Asia even as buyers stock up on oils ahead of major festivals in the region may cause stockpiles to dwindle.

Buyers from the Indian subcontinent and the Middle East generally stock up on vegetable oils ahead the fasting month of Ramadan in July, when Muslims break the fast in the evening with feasts, boosting overall consumption of cooking oils.

In the cash market, refined palm olein for July/August/September shipment was traded at $1,045/ton, free on board Malaysian ports, a physical market broker in Singapore said.

Cash CPO for prompt shipment was offered MYR10 higher at MYR3,160/ton.

Open interest on the BMD was 120,462 lots, versus 118,980 lots Wednesday. One lot is equivalent to 25 tons.

A total of 32,671 lots of CPO were traded versus 63,019 lots Wednesday.

Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton: 

Month   Close  Previous  Change   High    Low
Jun'12  3,111     3,100      11  3,158  3,107
Jul'12  3,105     3,093      12  3,155  3,101
Aug'12  3,095     3,085      10  3,146  3,095
Sep'12  3,090     3,077      13  3,137  3,088

-By Shie-Lynn Lim, Dow Jones Newswires; +603 2026 1233; shie-lynn.lim@dowjones.com

(END) Dow Jones Newswires

The benchmark July contract on the Bursa Malaysia Derivatives exchange ended 2.2% lower at MYR3,275 a metric ton after falling as much as 2.5%, to MYR3,265/ton, the lowest level since March 8.

July soyoil on the Chicago Board of Trade was trading 1.5% lower at 52.68 cents a pound by the end of trade on the BMD.

“Palm oil is caught between a weak macro view and fairly supportive supply-side fundamentals,” a trading executive at a Kuala Lumpur-based brokerage said.

“Investors opted to liquidate riskier positions on fears of demand destruction if global economies take a turn for the worse,” the executive said.

Forecasts for global vegetable oil supplies remain tight amid production deficits in major soybean exporters Argentina and Brazil. Weaker CPO production growth in Southeast Asia may further underpin the market, limiting further declines.

“CPO output is down 17% on year while Indonesia’s oil palms are showing early signs of tree stress, which should cap global palm oil supply,” Credit Suisse analyst Tan Ting Min said in a research note, adopting a bullish stance on palm oil prices “the next few months.”

“The crunch time will come about when demand spikes” during festive season in the region amid limited palm oil supplies due to weaker yields, Tan added.

Buyers from the Indian subcontinent and the Middle East generally stock up on vegetable oils ahead the fasting month of Ramadan in July, when Muslims break the fast in the evening with feasts, boosting overall consumption of cooking oils.

“We are likely to see very tight stocks and a recovery in palm prices to MYR3,400/ton-MYR3,600/ton,” an exporter in Johor said.

In the cash market, refined palm olein for May/June shipment was offered $25 lower at $1,095/ton, while cash CPO for prompt shipment was also offered MYR50 lower at MYR3,310/ton.

Open interest on the BMD was 123,267 lots, versus 124,861 lots Thursday. One lot is equivalent to 25 tons.

A total of 27,297 lots of CPO were traded versus 27,230 lots Thursday.

Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton: 

Month   Close  Previous  Change   High    Low
May'12  3,290     3,355     -65  3,295  3,290
Jun'12  3,283     3,360     -77  3,334  3,272
Jul'12  3,275     3,349     -74  3,330  3,265
Aug'12  3,265     3,340     -75  3,318  3,255

-By Shie-Lynn Lim, Dow Jones Newswires; +603 2026 1233; shie-lynn.lim@dowjones.com

(END) Dow Jones Newswires

The benchmark July contract on Bursa Malaysia Derivatives ended 0.3% lower at MYR3,351 metric ton after trading in a narrow MYR3,351-MYR3,388/ton range.

July soyoil on the Chicago Board of Trade was trading 0.5% higher at 53.87 cents a pound by the end of trade on BMD.

“Resurgent concerns over the euro zone pressured BMD Crude Palm Oil (CPO) lower, even though fundamentals remain supportive,” a broker at a Singapore-based brokerage firm said. “Prices weren’t able to rise past MYR3,390/ton due to weak follow-through buying, which spurred investors to reduce riskier bets,” he added.

For the time being, market focus is on April crop data by industry regulator the Malaysian Palm Oil Board and May 1-10 export estimates by independent cargo surveyors that are due Thursday, trading executives said.

Palm oil prices are up 4% so far this year, and analysts said prices may push higher in the coming weeks, as demand for the tropical oil may rise on production deficits in major soybean growing areas in South America, limiting availability of the oilseed for crushing into meal and rival soyoil.

“Exports are likely to be higher, thanks to Indian demand and recovering palm oil demand from Europe’s biodiesel industry,” a cooking oil exporter in Johor said.

In the cash market, refined palm olein for July/August/September was traded at $1,125/ton, while October/November/December was traded from $1,115-$1,120/ton, free-on-board Malaysian ports, a Singapore-based physical market broker said.

Cash CPO for prompt shipment was offered MYR10 higher at MYR3,380/ton.

Open interest on the BMD was 124,696 lots, versus 125,434 lots Monday. One lot is equivalent to 25 tons.

A total of 32,797 lots of CPO were traded versus 23,092 lots Monday.

BMD Crude Palm Oil (CPO) futures prices in MYR/ton: 

Month   Close  Previous  Change   High   Low
May'12  3,355     3,368     -13  3,395  3,355
Jun'12  3,359     3,369     -10  3,395  3,359
Jul'12  3,351     3,360      -9  3,388  3,351
Aug'12  3,340     3,346      -6  3,375  3,340

Developments in Europe dominated investor concerns, as political turmoil in Greece and political parties’ failure to form a new government heightened uncertainty about the country’s ability to stick to budget cuts agreed to with the European Union and International Monetary Fund as part of a deal to secure a bailout.

The benchmark July contract on the Bursa Malaysia Derivatives ended 0.5% lower at MYR3,335 a metric ton after moving both ways in choppy trade.

Palm oil gave up gains after a brief rebound during afternoon trade, in part due to expectations that export demand during the first 10 days in May fell 3%-8% from the same period in April, to around 447,000 tons, a trading executive in Kuala Lumpur said.

Palm oil’s weak technicals also made it vulnerable to downside during the session, the executive said.

Cargo surveyor Intertek Agri Services put April 1-10 exports at 478,948 tons, while SGS (Malaysia) Bhd., put the figure at 488,758. Both surveyors are due to issue May 1-10 data Thursday.

The Malaysian Palm Oil Board and the U.S. Department of Agriculture are scheduled to issue crop reports on the same day. Malaysia’s end-April palm oil stocks likely slipped 3%-7% from a month earlier to 1.83 million-1.90 million tons, as export demand growth appears to have outpaced production, according to trade participants.

Although palm oil production is picking up, reduced availability of vegetable oils from South America is helping to improve demand for palm oil, resulting in stock drawdowns.

“The Greek situation has created a lot of uncertainty in the market,” said an analyst at a Kuala Lumpur-based investment bank, adding that although the tropical oil’s fundamentals are supportive, “we expect palm oil to remain weak for now.”

In the cash market, refined palm olein for May/June shipment was offered at $1,120/ton while cash CPO for prompt shipment was offered MYR20 lower, at MYR3,360/ton.

Open interest on the BMD was 127,696 lots, versus 124,696 lots Tuesday. One lot is equivalent to 25 tons.

A total of 23,210 lots of CPO were traded versus 32,797 lots Tuesday.

Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT: 

Month   Close  Previous  Change   High    Low
May'12  3,335     3,355     -20  3,360  3,335
Jun'12  3,340     3,359     -19  3,376  3,340
Jul'12  3,335     3,351     -16  3,371  3,333
Aug'12  3,324     3,340     -16  3,359  3,323

-By Shie-Lynn Lim, Dow Jones Newswires; +603 2026 1233; shie-lynn.lim@dowjones.com

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