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Morning markets: palm oil misses out on rebound

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Palm oil was a notable laggard as many other farm commodities set off on Wednesday looking to continue their wary rebound.

Traders blamed a lack of fresh incentives for a 1.7% drop to 2,414 ringgit a tonne in Bursa Malaysia's key July palm contract by 06:00 GMT.

"There is no fresh news out there apart from what we expect, which is firm demand and tight supplies in Malaysia," one trader told Reuters, the news agency.

The next key data due are cargo agency export reports on Tuesday, after a long weekend which was also blamed for an air of caution.

'Not so worried'

Chicago grains, meanwhile, plodded ahead, continuing their rebound from Monday's swine flu scare, although softer US soybean exports to China continued to exercise investors' minds, against a background of the forthcoming expiry of May contracts.

In general, later contracts were doing better than earlier ones.

May soybeans were 9 cents higher at $9.99 ¼ a bushel, with the July contract 10 cents higher at $9.93 a bushel.

Wheat maintained steady progress on Monday's data showing backward, if progressing, planting of the US spring wheat crop. The May contract was 1.25 cents higher at $511 3/4 a bushel, with July wheat up 1.5 cents at 523 ½.

Corn added 2.75 cents to $3.77 3/4 a bushel for May and 3 cents to 2.86 ½ for the July contract.

"After the big sell-off, there's some buying back-in while there's still sowing delays in the US that's helping to support prices," Pat Cogswell, a trader at MF Global Australia, said.

"In the current volatile market everyone got a bit frightened on Monday and now maybe they're not so worried even though this [flu] doesn't seem to be going away."

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