* Market falls to one-week low of 2,140 rgt/T
* Bearish production outlook also weighing on market -
By Emily Chow
KUALA LUMPUR, April 24 (Reuters) - Malaysian palm oil
futures fell more than 1 percent on Wednesday, tracking
overnight weakness in the U.S. soyoil and on prospects of a
slower-than-expected fall in monthly palm output.
The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange fell 1.1 percent to
2,146 ringgit ($519.49) a tonne at noon, its sharpest fall in
It earlier fell to a low of 2,140 ringgit, its weakest level
since April 16.
"The sharp drop of over 2 percent in soybean oil futures
overnight prompted palm prices to open lower," said a Kuala
Lumpur-based futures trader.
Another trader said that while April production in Malaysia
will likely see a monthly fall, the levels could come in higher
than expected, pressuring the markets.
Official data showed that Malaysian palm oil production rose
to 1.67 million tonnes in March, up 8.3 percent from February.
The levels are at their highest for March in Malaysia, according
to Refinitiv Eikon records going back to January 2000.
In other related news, the Chicago May soybean oil contract
dropped 2.2 percent on Tuesday over bearish fundamentals,
but was last up 0.2 percent.
The U.S. Department of Agriculture had projected U.S.
soybean stocks at the end of the 2018/19 marketing year will
more than double from the previous year, while top soybean
importer China grapples with African swine fever, raising
concern about a drop in Chinese demand for feedstuffs including
soy and corn.
Meanwhile, the May soyoil contract on the Dalian Commodity
Exchange fell 1.4 percent, and the Dalian May palm oil
contract declined 1.3 percent.
Palm oil prices are affected by movements in soyoil, as they
compete for a share in the global vegetable oil market.
Palm, soy and crude oil prices at 0433 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY9 2053 -26.00 2044 2080 93
MY PALM OIL JUN9 2128 -24.00 2121 2134 1160
MY PALM OIL JUL9 2146 -24.00 2140 2152 6461
CHINA PALM OLEIN MAY9 4310 -56.00 4308 4372 19708
CHINA SOYOIL MAY9 5256 -74.00 5254 5334 53366
CBOT SOY OIL MAY9 28.12 +0.06 28.1 28.17 937
INDIA PALM OIL APR9 536.10 -2.70 534.00 537.4 76
INDIA SOYOIL MAY9 737.5 -1.35 735.7 737.9 2020
NYMEX CRUDE JUN9 65.92 -0.38 65.87 66.18 27358
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 4.1310 ringgit)
($1 = 6.7229 Chinese yuan)
($1 = 69.7860 Indian rupees)
(Reporting by Emily Chow; Editing by Shreejay Sinha)