MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Aug 22(Thursday)
VEGOILS/PALM OIL-Market Factors To Watch Aug 22(Thursday)
22/08/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures edged higher on Wednesday, as a weaker ringgit fuelled hopes of greater export demand, although gains were held in check by a soft soy market.
* Chicago Board of Trade (CBOT) soybean futures rose to a two-month high on Wednesday on forecasts for warmer and drier weather that poses a threat to the developing U.S. soybean crop.
* Global oil prices fell on Wednesday as heavier losses in U.S. crude widened the trans-Atlantic spread for a second day amid signs Libyan exports might resume and indications oil was flowing into the depleted Cushing storage hub.
MARKET NEWS
* Asian markets look set for a rough ride on Thursday after minutes from the Federal Reserve July policy meeting were taken as affirming the outlook for a near-term tapering in stimulus, sending Treasury yields to two-year highs.
* U.S. oil prices tumbled for a second straight day on Wednesday on signs that companies are replenishing depleted inventory in America's Midwest, and gold was little changed, as minutes from a Federal Reserve meeting gave few clues about when the U.S. central bank may cut back on economic stimulus.
RELATED NEWS
> Indonesia cuts crude palm oil tax to 9 pct for September
> Indonesia's monthly palm oil exports dip 1.6 pct m/m in July
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Aug. 1-25 exports data on Monday. - Reuters
FUNDAMENTALS
* Malaysian palm oil futures edged higher on Wednesday, as a weaker ringgit fuelled hopes of greater export demand, although gains were held in check by a soft soy market.
* Chicago Board of Trade (CBOT) soybean futures rose to a two-month high on Wednesday on forecasts for warmer and drier weather that poses a threat to the developing U.S. soybean crop.
* Global oil prices fell on Wednesday as heavier losses in U.S. crude widened the trans-Atlantic spread for a second day amid signs Libyan exports might resume and indications oil was flowing into the depleted Cushing storage hub.
MARKET NEWS
* Asian markets look set for a rough ride on Thursday after minutes from the Federal Reserve July policy meeting were taken as affirming the outlook for a near-term tapering in stimulus, sending Treasury yields to two-year highs.
* U.S. oil prices tumbled for a second straight day on Wednesday on signs that companies are replenishing depleted inventory in America's Midwest, and gold was little changed, as minutes from a Federal Reserve meeting gave few clues about when the U.S. central bank may cut back on economic stimulus.
RELATED NEWS
> Indonesia cuts crude palm oil tax to 9 pct for September
> Indonesia's monthly palm oil exports dip 1.6 pct m/m in July
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Aug. 1-25 exports data on Monday. - Reuters