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Morning markets: palm takes turn on recovery table

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Palm oil took its turn on the recovery table on Friday, helped by robust crude, which approached $70 a barrel following strong US jobs data and a bullish Goldman Sachs report.

Bursa Malaysia's benchmark August contract added 12 ringgit to 2,581 ringgit a tonne in the morning session, looking to end a three-day run of losses.

The vegetable oil was helped by crude, which has taken cheer in data showing that the number of US workers filing new claims for unemployment benefits fell for a third successive week.

Meanwhile, Goldman Sachs raised its end-of-year forecast for oil prices to $85 a barrel from $65 a barrel. New York crude was $0.55 higher at $69.36 a barrel at 06:15 GMT, with Brent crude up $0.43 at $69.14 a barrel.

Chicago weakness

However, Chicago food commodities softened as investors, some still sore from Wednesday's rout, waited for fresh news.

The prospect of the monthly US supply and demand report next week has also begun to mop up attention.

July corn dropped 2.75 cents to $4.45 ¾ a bushel, in line with new crop contracts.

Wheat eased 2 cents to $6.33 ¼ a bushel for delivery next month.

Soy fundamentals

Soybeans, meanwhile, dropped 3.75 cents to $12.26 ¼ a bushel amid some debate about fundamentals.

US data has shown China cancelling old crop bean shipments, with high prices putting pressure on crushing plants.

"Domestic crushers and firms are losing their interests in ordering imported soybeans over past days," a report from the China National Grain and Oils Information Centre said.

However, Doug Whitehead, ANZ's agricultural commodity strategist, said soybeans' market squeeze made the case for buying the crop "very strong".

"The market could continue to push higher into July delivery as it essentially works to extract supplies from growers," he told Reuters.

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