MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Sept 19(Thursday)
VEGOILS/PALM OIL-Market Factors To Watch Sept 19(Thursday)
19/09/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets Thursday.
FUNDAMENTALS
* Malaysian palm oil slid 1.4 percent on Wednesday, hovering near one-month lows as prospects of swelling global edible oil supplies and weakness in crude oil futures weighed on the market.
* Chicago Board of Trade soybean futures rose for the first time in four sessions on Wednesday on bargain buying a day after the benchmark November contract fell to a three-week low, and as worries about tight U.S. supplies lingered.
* Crude oil futures settled sharply higher on Wednesday, surging late in the session after the U.S. Federal Reserve said it would leave its monetary stimulus program unchanged, a policy largely seen as supporting commodity prices.
MARKET NEWS
* Asian shares and currencies looked set to surge on Thursday after the U.S. Federal Reserve stunned markets and decided not to taper its asset-buying programme, sending U.S. bond yields and the dollar into a tailspin.
* Gold surged more than 4 percent on Wednesday, its biggest daily rise since June 2012, and oil and most other commodities rose too after the Federal Reserve surprised investors, saying it would maintain the same level of U.S. economic stimulus.
RELATED NEWS
> Indonesia to temporarily scrap soybean import tariff
> Soy higher after three-day slide, Fed's move lends support
> Beijing buys first cotton in 3rd year of stockpiling -assn
> China spending helps lift farm aid from record low - OECD
> Prices fall, new tax throw Ivorian rubber farmers into disarray
> U.S. offers to sell surplus sugar for biofuel at a loss
> Some rain in Brazil soy state but not ideal for planting - Somar
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Sept. 1-15 palm export data on Sept. 17 due to the Malaysia Day holiday weekend.
> Malaysia's government to set its crude palm oil export tax for October on Sept. 17. - Reuters
FUNDAMENTALS
* Malaysian palm oil slid 1.4 percent on Wednesday, hovering near one-month lows as prospects of swelling global edible oil supplies and weakness in crude oil futures weighed on the market.
* Chicago Board of Trade soybean futures rose for the first time in four sessions on Wednesday on bargain buying a day after the benchmark November contract fell to a three-week low, and as worries about tight U.S. supplies lingered.
* Crude oil futures settled sharply higher on Wednesday, surging late in the session after the U.S. Federal Reserve said it would leave its monetary stimulus program unchanged, a policy largely seen as supporting commodity prices.
MARKET NEWS
* Asian shares and currencies looked set to surge on Thursday after the U.S. Federal Reserve stunned markets and decided not to taper its asset-buying programme, sending U.S. bond yields and the dollar into a tailspin.
* Gold surged more than 4 percent on Wednesday, its biggest daily rise since June 2012, and oil and most other commodities rose too after the Federal Reserve surprised investors, saying it would maintain the same level of U.S. economic stimulus.
RELATED NEWS
> Indonesia to temporarily scrap soybean import tariff
> Soy higher after three-day slide, Fed's move lends support
> Beijing buys first cotton in 3rd year of stockpiling -assn
> China spending helps lift farm aid from record low - OECD
> Prices fall, new tax throw Ivorian rubber farmers into disarray
> U.S. offers to sell surplus sugar for biofuel at a loss
> Some rain in Brazil soy state but not ideal for planting - Somar
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Sept. 1-15 palm export data on Sept. 17 due to the Malaysia Day holiday weekend.
> Malaysia's government to set its crude palm oil export tax for October on Sept. 17. - Reuters