MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch March 17 (Monday)
Palm Oil/Vegoils: Market Factors to Watch March 17 (Monday)
17/03/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday.
FUNDAMENTALS
* Malaysian palm oil futures extended losses into a fourth straight session on Friday, as traders said recent gains were overdone and lower comparative vegetable oils could signal slower demand from major buyer China.
* U.S. wheat futures rose 2 percent on Friday, extending a rally on worries about dry weather limiting crop production in the U.S. Plains and ongoing fears that supplies from Ukraine will be disrupted due to political turmoil, traders said.
* Brent crude oil rose by more than $1 on Friday as traders worried about the war of words between Moscow and the West might escalate sharply this weekend if Crimea holds its referendum on joining Russia.
MARKET NEWS
* Asian shares got off to a shaky start on Monday after citizens of Crimea overwhelmingly voted to break with Ukraine to join Russia, prompting the U.S. and the European Union to issue fresh warnings of imminent sanctions against Moscow.
* Copper sank to 8-1/2 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
> Malaysia's March 1-15 palm exports fall 20.7 pct - ITS
> France bans Monsanto GM maize ahead of sowing season
> U.S. crop insurance reformers fume as farmers sign up for 2014
> ANALYSIS-In doubling yuan trading band, China aggravates foreign investor concerns
DATA/EVENTS
> Cargo surveyor Societe Generale de Surveillance to release Malaysia's March 1-15 palm oil export data on March 17 - Reuters
FUNDAMENTALS
* Malaysian palm oil futures extended losses into a fourth straight session on Friday, as traders said recent gains were overdone and lower comparative vegetable oils could signal slower demand from major buyer China.
* U.S. wheat futures rose 2 percent on Friday, extending a rally on worries about dry weather limiting crop production in the U.S. Plains and ongoing fears that supplies from Ukraine will be disrupted due to political turmoil, traders said.
* Brent crude oil rose by more than $1 on Friday as traders worried about the war of words between Moscow and the West might escalate sharply this weekend if Crimea holds its referendum on joining Russia.
MARKET NEWS
* Asian shares got off to a shaky start on Monday after citizens of Crimea overwhelmingly voted to break with Ukraine to join Russia, prompting the U.S. and the European Union to issue fresh warnings of imminent sanctions against Moscow.
* Copper sank to 8-1/2 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
> Malaysia's March 1-15 palm exports fall 20.7 pct - ITS
> France bans Monsanto GM maize ahead of sowing season
> U.S. crop insurance reformers fume as farmers sign up for 2014
> ANALYSIS-In doubling yuan trading band, China aggravates foreign investor concerns
DATA/EVENTS
> Cargo surveyor Societe Generale de Surveillance to release Malaysia's March 1-15 palm oil export data on March 17 - Reuters