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VEGOILS-Palm oil closes up while market waits on information

Malaysian palm oil futures ended up on Wednesday as the product's price was viewed as competitive compared with rival oils, while the market awaited export and production performance data for the first half of the month.

The benchmark palm oil agreement for July delivery on the Bursa Malaysia Derivatives Exchange was up 39 ringgit, or 1.02%, at 3,854 ringgit ($ 819.13) a metric ton on the closing.

The marketplace is considering the present palm oil costs competitive. Market focus is now on May 1-15 palm oil export and production performance, Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group stated.

Dalian's most-active soyoil contract rose 0.54%,. while its palm oil contract got 0.21%. Soyoil costs. on the Chicago Board of Trade increased 0.58%.

Palm oil is affected by cost motions in associated oils as. they contend for a share in the global veggie oils market.

Exports of Malaysian palm oil products for May 1-15 fell. 17.6% to 574,760 metric heaps from 697,449 tons shipped throughout. April 1-15, independent inspection business AmSpec Agri Malaysia. said on Wednesday.

According to cargo surveyor Intertek Screening Providers,. exports of Malaysian palm oil items for May 1-15 fell 5.2% to. 600,777 metric loads from 633,680 metric loads delivered throughout the. very same duration in April.

Ahead of month-to-month U.S. soy crushing data due on Wednesday. from the National Oilseed Processors Association (NOPA),. analysts surveyed usually expect the trade group. to report that its members crushed 183.072 million bushels of. soybeans in April, down 6.8% from the record-high March total. but up 5.7% from a year previously.

India's palm oil imports rose to their greatest level in. three months in April as lower costs drew buyers, a leading. trade body said on Tuesday. Imports increased 40.9% in April from the. previous month to 684,094 metric loads.

Oil costs increased on Wednesday on expectations for greater. need as the U.S. dollar weakened and a report revealed U.S. crude and gasoline inventories fell while the release of. inflation data might point to a more helpful financial outlook.

More powerful crude oil futures make palm a more attractive. choice for biodiesel feedstock.