MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch June 25 Wednesday
Palm Oil/Vegoils: Market Factors to Watch June 25 Wednesday
25/06/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures recovered earlier losses to briefly hit a near one-month high on Tuesday, before ending the session little changed as crude prices eased and traders positioned themselves ahead of key export data.
* U.S. wheat futures slid to a four-month low on Tuesday as the country's advancing harvest increased supplies, while soybean futures dropped on better-than-expected U.S. crop conditions.
* Brent crude held above $114 a barrel on Tuesday, supported by continued fighting in Iraq, supply disruptions in Libya and expectations of a decline in U.S. crude inventories, while U.S. crude prices dipped slightly.
MARKET NEWS
* U.S. stocks ended lower on Tuesday as worries about Iraq drove profit-taking, after encouraging economic data earlier drove shares to another record high, while sterling tumbled on doubts whether the Bank of England would allow an interest rate hike soon.
RELATED
> China rubber stocks fall as port probe hits financing -sources
> Olam sells 80 pct stake in Australia grain unit to Mitsubishi
> Brazil approves import of 1 million tonnes tariff-free wheat
> ICE cotton plunges 7 pct in worst daily rout since 2011
> Wheat hits 4-month low as U.S. harvest advances
> ICE coffee falls in volatile trade; sugar down for third day
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's June 1-25 palm oil export data on June 25.
Palm, soy and crude oil prices at 0010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL AUG4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL SEP4 #N/A #N/A #N/A #N/A #N/A
CHINA PALM OLEIN JAN5 #N/A #N/A #N/A #N/A #N/A
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL JUL4 41.03 +0.07 40.94 41.04 570
NYMEX CRUDE AUG4 106.87 +0.84 106.12 107.50 18433
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 futures recovered earlier losses to briefly hit a near one-month high on Tuesday, before ending the session little changed as crude prices eased and traders positioned themselves ahead of key export data.
* U.S. wheat futures slid to a four-month low on Tuesday as the country's advancing harvest increased supplies, while soybean futures dropped on better-than-expected U.S. crop conditions.
* Brent crude held above $114 a barrel on Tuesday, supported by continued fighting in Iraq, supply disruptions in Libya and expectations of a decline in U.S. crude inventories, while U.S. crude prices dipped slightly.
MARKET NEWS
* U.S. stocks ended lower on Tuesday as worries about Iraq drove profit-taking, after encouraging economic data earlier drove shares to another record high, while sterling tumbled on doubts whether the Bank of England would allow an interest rate hike soon.
RELATED
> China rubber stocks fall as port probe hits financing -sources
> Olam sells 80 pct stake in Australia grain unit to Mitsubishi
> Brazil approves import of 1 million tonnes tariff-free wheat
> ICE cotton plunges 7 pct in worst daily rout since 2011
> Wheat hits 4-month low as U.S. harvest advances
> ICE coffee falls in volatile trade; sugar down for third day
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's June 1-25 palm oil export data on June 25.
Palm, soy and crude oil prices at 0010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL AUG4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL SEP4 #N/A #N/A #N/A #N/A #N/A
CHINA PALM OLEIN JAN5 #N/A #N/A #N/A #N/A #N/A
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL JUL4 41.03 +0.07 40.94 41.04 570
NYMEX CRUDE AUG4 106.87 +0.84 106.12 107.50 18433
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