MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 30
VEGOILS-Market Factors to Watch May 30
30/05/2014 (Reuters) – The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil dropped for a fifth consecutive session on Thursday to its lowest in seven months with rising supplies and sluggish demand putting pressure on the market.
* U.S. grains slumped on Thursday, with wheat futures easing 1 percent for the seventh straight session of declines on investor long liquidation tied to favorable weather for crops and cheaper supplies on offer in Europe and the Black Sea region.
* U.S. crude prices rose on Thursday after government inventory data showed a sharp drawdown in gasoline that outweighed a build in overall crude stocks, while Brent edged up supported by the low Libyan output and the Ukraine crisis.
MARKET NEWS
* Global equity markets hit an all-time high on Thursday, boosted by the U.S. S&P 500 which scored its third record closing high in four sessions as investors shrugged off data that showed the U.S. economy contracted in the first quarter.
RELATED
> Sime Darby sees 2014 palm oil prices at 2,500 ringgit
> UPDATE 1-Malaysia's Sime Darby Q3 profit up 23 pct on plantation business
> Brazil soy area planted to grow 4 pct next season -Agroconsult
> U.S. 2014 agricultural exports near record $150 billion
> U.S sugar refineries hike prices again as supplies tighten
> COLUMN-Asia develops a taste for U.S. DDGs
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's May 1-31 palm oil export data on June 2.
Palm, soy and crude oil prices at 0021 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN4 0 +0.00 0 0 0
MY PALM OIL JUL4 0 +0.00 0 0 0
MY PALM OIL AUG4 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 JUL4 39.46 +0.05 39.37 39.48 326
NYMEX CRUDE JUL4 103.44 -0.14 103.37 103.56 1268
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil dropped for a fifth consecutive session on Thursday to its lowest in seven months with rising supplies and sluggish demand putting pressure on the market.
* U.S. grains slumped on Thursday, with wheat futures easing 1 percent for the seventh straight session of declines on investor long liquidation tied to favorable weather for crops and cheaper supplies on offer in Europe and the Black Sea region.
* U.S. crude prices rose on Thursday after government inventory data showed a sharp drawdown in gasoline that outweighed a build in overall crude stocks, while Brent edged up supported by the low Libyan output and the Ukraine crisis.
MARKET NEWS
* Global equity markets hit an all-time high on Thursday, boosted by the U.S. S&P 500 which scored its third record closing high in four sessions as investors shrugged off data that showed the U.S. economy contracted in the first quarter.
RELATED
> Sime Darby sees 2014 palm oil prices at 2,500 ringgit
> UPDATE 1-Malaysia's Sime Darby Q3 profit up 23 pct on plantation business
> Brazil soy area planted to grow 4 pct next season -Agroconsult
> U.S. 2014 agricultural exports near record $150 billion
> U.S sugar refineries hike prices again as supplies tighten
> COLUMN-Asia develops a taste for U.S. DDGs
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's May 1-31 palm oil export data on June 2.
Palm, soy and crude oil prices at 0021 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN4 0 +0.00 0 0 0
MY PALM OIL JUL4 0 +0.00 0 0 0
MY PALM OIL AUG4 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 JUL4 39.46 +0.05 39.37 39.48 326
NYMEX CRUDE JUL4 103.44 -0.14 103.37 103.56 1268
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel