VEGOILS-Palm oil rises on better export data, softer ringgit, Chicago soyoil

JAKARTA, March 11 (Reuters) - Malaysian palm oil futures rose on Wednesday, supported by better export data and a softer ringgit, while tracking stronger rival soyoils in the Chicago market.

The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange gained 24 ringgit, or 0.54%, to 4,452 ringgit ($1,134.85) a metric ton by 0230 GMT.

FUNDAMENTALS

Dalian's most-active soyoil contract DBYcv1 lost 0.19%, while its palm oil contract DCPcv1 fell 0.25%. Soyoil on the Chicago Board of Trade BOcv1 rose 2.06%.

Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.

Exports of Malaysian palm oil products for March 1-10 rose 45.3% compared to February 1-10, independent inspection company AmSpec Agri Malaysia said, while it rose 37.9%, according to cargo surveyor Intertek Testing Services.

The Malaysian ringgit, the contract's currency of trade, eased 0.08% against the U.S. dollar, making palm oil cheaper for foreign currency holders.

Oil prices seesawed on Wednesday after the Wall Street Journal reported the International Energy Agency has proposed the largest release of oil reserves in its history to offset supply disruptions stemming from the war on Iran.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Rising vegetable oil prices and freight rates are pushing Indian buyers toward prompt shipments amid concerns deliveries of newly purchased soyoil and sunflower oil could be delayed by the Middle East conflict.

MARKET NEWS

Shares steadied on Wednesday following a brief retreat in oil prices, but markets remained anxious as contradictory signals from the U.S.-Israeli war on Iran left investors struggling to gauge its impact on global inflation and growth.MKTS/GLOB

DATA/EVENTS

0700 Germany HCIP Final YY Feb

1230 US Core CPI MM, SA Feb

1230 US Core CPI YY, NSA Feb

1230 US CPI MM, SA Feb

1230 US CPI YY, NSA Feb

1230 US CPI Wage Earner Feb

($1 = 3.9230 ringgit)