MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch March 13 (Thursday)
Palm Oil/Vegoils: Market Factors to Watch March 13 (Thursday)
13/03/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
Malaysian palm oil futures stretched losses into a second day on Wednesday, falling to a one-week low as profit-taking continued to weigh, with some investors worried that higher prices of palm oil could see key consumers switching to rival edible oils.
US soybean futures dropped 1.8% on Wednesday on worries about waning demand from China, the world's top buyer of the oilseed.
US crude oil fell by more than 2% on Wednesday, its biggest drop in two months, after the US announced unexpected plans for a test release of strategic oil reserves while weekly data showed a big rise in crude
stockpiles.
MARKET NEWS
World stock indexes declined for a fourth day and copper dipped to near four-year lows before rebounding on Wednesday as worries about China's economic slowdown intensified.
Copper sank to 8½ month lows on Monday, dropping steeply for a second session, while oil lost more than a dollar and Shanghai-traded commodities slumped after a surprise fall in China's exports heightened fears of an economic slowdown.
RELATED
* FranceAgriMer raises French wheat stocks on lower exports
* Metax Engineering gets S$33 mln worth palm oil bio-refining & bio-energy projects in Malaysia and Thailand
* Brazil government slashes soy outlook, doesn't expect more cuts
* Soybeans fall on demand woes but wheat, corn strong
* US ethanol stocks hit lowest level for 2014
* Germany's K+S cuts dividend on potash market turmoil
* Meanwhile, cargo surveyor Intertek Testing Services will release Malaysia's March 1-15 palm oil export data on March 15, Societe Generale de Surveillance to release data for same period on March 17.
Palm, soy and crude oil prices at 0011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR4 0 +0.00 0 0 0
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 43.38 -0.04 43.36 43.57 630
NYMEX CRUDE APR4 98.12 +0.13 98.06 98.23 1101
Palm oil prices in Malaysian ringgit per tonne, CBOT soy oil in US cents per pound, Dalian soy oil and RBD palm olein in Chinese yuan per tonne, crude in US dollars per barrel - Reuters
FUNDAMENTALS
Malaysian palm oil futures stretched losses into a second day on Wednesday, falling to a one-week low as profit-taking continued to weigh, with some investors worried that higher prices of palm oil could see key consumers switching to rival edible oils.
US soybean futures dropped 1.8% on Wednesday on worries about waning demand from China, the world's top buyer of the oilseed.
US crude oil fell by more than 2% on Wednesday, its biggest drop in two months, after the US announced unexpected plans for a test release of strategic oil reserves while weekly data showed a big rise in crude
stockpiles.
MARKET NEWS
World stock indexes declined for a fourth day and copper dipped to near four-year lows before rebounding on Wednesday as worries about China's economic slowdown intensified.
Copper sank to 8½ month lows on Monday, dropping steeply for a second session, while oil lost more than a dollar and Shanghai-traded commodities slumped after a surprise fall in China's exports heightened fears of an economic slowdown.
RELATED
* FranceAgriMer raises French wheat stocks on lower exports
* Metax Engineering gets S$33 mln worth palm oil bio-refining & bio-energy projects in Malaysia and Thailand
* Brazil government slashes soy outlook, doesn't expect more cuts
* Soybeans fall on demand woes but wheat, corn strong
* US ethanol stocks hit lowest level for 2014
* Germany's K+S cuts dividend on potash market turmoil
* Meanwhile, cargo surveyor Intertek Testing Services will release Malaysia's March 1-15 palm oil export data on March 15, Societe Generale de Surveillance to release data for same period on March 17.
Palm, soy and crude oil prices at 0011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR4 0 +0.00 0 0 0
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 43.38 -0.04 43.36 43.57 630
NYMEX CRUDE APR4 98.12 +0.13 98.06 98.23 1101
Palm oil prices in Malaysian ringgit per tonne, CBOT soy oil in US cents per pound, Dalian soy oil and RBD palm olein in Chinese yuan per tonne, crude in US dollars per barrel - Reuters