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choi baccarat(www.vng.app):VEGOILS-Palm set for near 10% weekly loss on higher supply view

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,KUALA LUMPUR, March 19 - Malaysian palm oilfutures fell on Friday for a second straight day, setting it oncourse for a near 10% weekly decline, as expectations ofincreasing palm and rival soybean supplies weighed on prices. The benchmark palm oil contract for June deliveryon the Bursa Malaysia Derivatives Exchange slid 75 ringgit, or1.97%, to 3,724 ringgit ($904.10) during early trade, its lowestsince March 5. Cargo surveyors are scheduled to release March 1-20 exportdata on Saturday, but traders are anticipating slower shipmentsamid industry forecasts of a double-digit jump in production. FUNDAMENTALS * Better crop weather in drought-hit South America weighedon the soybean market. * Soyoil prices on the Chicago Board of Trade weredown 0.9%. Dalian's most-active soyoil contract fell2.2%, while its palm oil contract declined 1.5%. * Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market. * Oil prices edged up, but were still down more than 8% forthe week as a new wave of COVID-19 infections across Europespurred fresh lockdowns and dampened hopes that an anticipatedrecovery in fuel demand would come soon. * Weaker crude oil futures make palm a less attractiveoption for biodiesel feedstock. MARKET NEWS * Asian share markets eased on Friday as a spike in globalbond yields soured sentiment toward richly priced tech stocks,while a stampede out of crowded positions in crude oil causedthe sharpest setback in months. DATA/EVENTS 0700 Germany Producer Prices MM, YY Feb REUTERS
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