MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Aug 14(Wednesday)
VEGOILS/PALM OIL-Market Factors To Watch Aug 14(Wednesday)
14/08/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures hit a one-month high on Tuesday after the U.S. government made deeper-than-expected cuts to its forecasts for soybean yields and stocks, while strong exports of the tropical oil also helped prop up prices.
* U.S. corn futures slid more than 3 percent on Tuesday, surrendering all of the prior day's gains as investors shifted their focus from Monday's low U.S. government corn yield estimate to its forecast for a record-large harvest and plentiful stockpile next season.
* Oil prices on both sides of the Atlantic rose for a third straight session on Tuesday because of worries over supplies from OPEC nations Libya and Iraq.
MARKET NEWS
* U.S. Treasury debt yields approached two-year highs and the dollar rallied broadly on Tuesday after a gauge of U.S. consumer spending rose at its fastest pace in seven months.
* Copper hit nine-week highs on Tuesday on signs of tighter-than-expected stockpiles in China, and cotton rallied on supply concerns, but declines in other markets slowed the wider commodities complex after four days of gains.
RELATED NEWS
> Malaysia's Aug 1-10 palm oil exports up 25.8 pct -SGS
> Argentine soy-crushing workers to strike on Wed - union
> K+S says potash price in Brazil at $400 but could change
> Corn plunges 3.6 pct as record-large U.S. harvest looms
> ICE arabica coffee tumbles, raw sugar hits seven-week high
> Outlook improving for West Europe wheat crop
> US crop yields may ease a bit due to dry August weather
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board will issue July stocks and output data on Aug 14.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Aug. 1-15 exports data on Thursday. - Reuters
FUNDAMENTALS
* Malaysian palm oil futures hit a one-month high on Tuesday after the U.S. government made deeper-than-expected cuts to its forecasts for soybean yields and stocks, while strong exports of the tropical oil also helped prop up prices.
* U.S. corn futures slid more than 3 percent on Tuesday, surrendering all of the prior day's gains as investors shifted their focus from Monday's low U.S. government corn yield estimate to its forecast for a record-large harvest and plentiful stockpile next season.
* Oil prices on both sides of the Atlantic rose for a third straight session on Tuesday because of worries over supplies from OPEC nations Libya and Iraq.
MARKET NEWS
* U.S. Treasury debt yields approached two-year highs and the dollar rallied broadly on Tuesday after a gauge of U.S. consumer spending rose at its fastest pace in seven months.
* Copper hit nine-week highs on Tuesday on signs of tighter-than-expected stockpiles in China, and cotton rallied on supply concerns, but declines in other markets slowed the wider commodities complex after four days of gains.
RELATED NEWS
> Malaysia's Aug 1-10 palm oil exports up 25.8 pct -SGS
> Argentine soy-crushing workers to strike on Wed - union
> K+S says potash price in Brazil at $400 but could change
> Corn plunges 3.6 pct as record-large U.S. harvest looms
> ICE arabica coffee tumbles, raw sugar hits seven-week high
> Outlook improving for West Europe wheat crop
> US crop yields may ease a bit due to dry August weather
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board will issue July stocks and output data on Aug 14.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Aug. 1-15 exports data on Thursday. - Reuters