MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Aug 12(Monday)
VEGOILS/PALM OIL-Market Factors To Watch Aug 12(Monday)
12/08/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Palm oil futures dropped to their lowest in more than a week on Wednesday on market talk that production growth in Malaysia was significantly higher last month, stoking concerns about a potential build up in stocks.
* U.S. new-crop corn futures fell to a three-year low on Friday and soy slipped as well on prospects for record harvests this autumn.
* U.S. crude oil futures finished sharply higher on Friday reversing five days of losses in the largest one-day percentage gain in a week on signs of rising Chinese demand and concerns about supply disruptions in the North Sea and the Middle East.
MARKET NEWS
* Wall Street closed out its worst week since June on Friday, pulling back from record highs as investors focused on when the Federal Reserve will start to wind down its stimulus program, while the dollar rebounded from a seven-week low.
* Oil prices rose on Friday for the first time in six days, driven partly by supply disruptions in the North Sea and other major production centers, while copper surged to a two-month high on upbeat factory data from top metals buyer China.
RELATED NEWS
> Trade expects USDA to project record US corn, soy crops
> Good weather seen for late-planted U.S. crops -forecaster
> US farmers may sit out corn, soybean bear market: Maguire
> EU-backed project produces first algae crops for biofuel
> Hefty crop prospects to keep weighing on food prices - FAO
> Volatile China commodities imports rebound in July
> China commodity surge about stockpiling: Clyde Russell
> China soy imports at record high, but state sales to curb
> Singapore's Wilmar eyes Africa palm expansion
DATA/EVENTS
> Cargo surveyors Intertek Testing Services
FUNDAMENTALS
* Palm oil futures dropped to their lowest in more than a week on Wednesday on market talk that production growth in Malaysia was significantly higher last month, stoking concerns about a potential build up in stocks.
* U.S. new-crop corn futures fell to a three-year low on Friday and soy slipped as well on prospects for record harvests this autumn.
* U.S. crude oil futures finished sharply higher on Friday reversing five days of losses in the largest one-day percentage gain in a week on signs of rising Chinese demand and concerns about supply disruptions in the North Sea and the Middle East.
MARKET NEWS
* Wall Street closed out its worst week since June on Friday, pulling back from record highs as investors focused on when the Federal Reserve will start to wind down its stimulus program, while the dollar rebounded from a seven-week low.
* Oil prices rose on Friday for the first time in six days, driven partly by supply disruptions in the North Sea and other major production centers, while copper surged to a two-month high on upbeat factory data from top metals buyer China.
RELATED NEWS
> Trade expects USDA to project record US corn, soy crops
> Good weather seen for late-planted U.S. crops -forecaster
> US farmers may sit out corn, soybean bear market: Maguire
> EU-backed project produces first algae crops for biofuel
> Hefty crop prospects to keep weighing on food prices - FAO
> Volatile China commodities imports rebound in July
> China commodity surge about stockpiling: Clyde Russell
> China soy imports at record high, but state sales to curb
> Singapore's Wilmar eyes Africa palm expansion
DATA/EVENTS
> Cargo surveyors Intertek Testing Services