Crude Palm Oil yesterday traded with the positive node and settled 0.94% up at 593.5 as strong exports data and drought woes in soy-producing South America boosted investor sentiment. Agriculture markets, including palm oil, are set to face choppy trade ahead of the U.S. prospective plantings report due on Friday, which will gauge output of soybeans that is usually crushed into competing soybean oil. Palm oil has gained 8.7 percent since the start of 2011 on Asian demand chasing sluggish production, limited soyoil supplies flowing from South America although now any prospect of higher U.S. soy harvests may rein in gains. Malaysian exports rose 7.7 percent for the first 25 days of March from a month ago, according to cargo surveyor Intertek Testing Services, continuing a strong export trend seen in the month. Private crop forecaster Informa recently pegged corn plantings at 95.5 million acres for 2012-13 crop year beginning September, up from 91.9 million acres planted in 2011-12. In yesterday's trading session Crude Palm oil has touched the low of 591.1 after opening at 591.3, and finally settled at 593.5. For today's session market is looking to take support at 591.2, a break below could see a test of 588.8 and where as resistance is now likely to be seen at 595.8, a move above could see prices testing 598.

Trading Ideas:

CPO trading range for the day is 588.83-598.03.

Crude palm oil gains as strong exports data and drought woes in soy-producing South America boosted investor sentiment

U.S. plantings report to add to volatility this week

Malaysian exports rose 7.7 percent for the first 25 days of March from a month ago

Crude palm oil prices in spot market gained by 6.70 rupees and settled at 589.80 rupees.