Crude Palm Oil yesterday traded with the negative node and settled -0.85% down at 538.3 with traders made cautious by the prospect that data next week could show rising inventories in the Southeast Asian country. Improving crop prospects in parts of the U.S. grain belt weighed on soybeans, which in turn hurt palm oil futures, down more than 3 percent this week, marking its second straight weekly loss. Market players are focusing on a slew of data including the Malaysian Palm Oil Board's figures on August stocks, which could hit a 9-month peak as high production offsets demand growth. Cargo Malaysia's palm oil stocks as of end-August could reach 2.3 million tons, up 15% on month, due to "very good production". Exported 2.43 million tons of soybeans in August, down a seasonally adjusted 44% from July and 34% from a year earlier. Cargo surveyor Intertek Agri Services said last week that August exports rose 18% from the previous month to 1.45 million tons. SGS (Malaysia) Bhd. put exports at 1.43 million tons in its estimate, an increase of 20% compared with its July estimate. Malaysia’s palm oil exports in August rose 18% from the previous month to 1.45 million metric tons, cargo surveyor Intertek Agri Services said. In yesterday's trading session Crude Palm oil has touched the low of 537 after opening at 541.1, and finally settled at 538.3. For today's session market is looking to take support at 536.3, a break below could see a test of 534.4 and where as resistance is now likely to be seen at 540.9, a move above could see prices testing 543.6.

Trading Ideas:

CPO trading range for the day is 534.37-543.57.

Crude palm oil fell with traders made cautious by the prospect that data next week could show rising inventories

Market players are focusing on a slew of data including the Malaysian Palm Oil Board's figures on August stocks

Malaysia’s palm oil exports in August rose 18% from the previous month to 1.45 million metric tons

Crude palm oil prices in spot market dropped by 2.00 rupees and settled at 539.80 rupees.