("Global Vegoil Price Outlooks Of Key Forecasters," at 0042 GMT, misstated
price level, currency and unit of volume for Brent crude mentioned by analyst
James Fry in the fifth paragraph. The correct version follows:)
KUALA LUMPUR (Dow Jones)--Global vegetable oil traders and company executives
provided mixed outlooks for palm oil prices during a palm oil conference
organized by the Bursa Malaysia Derivatives that ended Wednesday.
The following are outlooks of the key forecasters:
-Dorab Mistry, director, Godrej International: The benchmark BMD third-month
CPO futures contract may trade in a fairly tight range between MYR2,600 and
MYR2,800 a metric ton from now until July, then rise to around MYR3,200 in the
second half to first quarter next year as the delayed effects of an ongoing El
Nino-induced dry spell may further sap yields and lower palm oil output. He
also said Malaysia's 2010 CPO output will likely fall by 2.3% to 17.2 million
-Anne Frick, vice president, futures research, Prudential Bache Commodities:
CPO prices may average between MYR2,400 and MYR3,300/ton as supply of the
commodity isn't likely to outpace rising demand. CBOT soyoil prices could
average between 36 cents and 46 cents a pound this year as soyoil prices need
to rise higher to finance a larger share of soymeal crushing value.
-James Fry, chairman, LMC International: BMD CPO futures may fall to
MYR2,500/ton if benchmark Brent crude oil falls below $70 a barrel. Palm oil
stocks will continue to fall until July and will give seasonal support to CPO
-Thomas Mielke, director, ISTA Mielke GmbH: CPO prices may rise to
MYR2,900/ton, as a slow recovery in Malaysia's palm production is expected to
cut palm inventories. However, prices aren't likely to rise above MYR3,000/ton.
Palm oil prices may close the gap with soyoil--and even trade at a slight
premium--soon as a record soybean crop may cap the sharp rise in soyoil prices
while palm prices strengthen.
-Yong Chin Fatt, chief trader at IOI Corp.: CPO prices may rise to
MYR2,800/ton by May if palm oil production remains weak.
-M.R. Chandran, senior group advisor, Platinum Energy: CPO prices may move in
a MYR2,500-MYR2,750/ton range in the second half of the year.
The benchmark third-month May CPO futures contract on the BMD ended MYR35
higher at MYR2,685/ton Wednesday, off a two-month high of MYR2,719 reached
during the course of the conference--and close to levels at which the contract
was before the conference began.
May soyoil on the Chicago Board of Trade settled 72 points higher at 41.02
-By Shie-Lynn Lim, Dow Jones Newswires; +603 2026 1233;