MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch July 8 Tuesday
Palm Oil/Vegoils: Market Factors to Watch July 8 Tuesday
08/07/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Monday on speculation that stocks in the world's No.2 grower would fall for the first time in four months, although investor caution ahead of an official industry report capped gains.
* U.S. corn futures tumbled more than 2 percent on Monday to the lowest point in almost four years as largely ideal crop development weather around the Midwest reinforced expectations for a record-large harvest this autumn.
* Brent and U.S. crude oil futures fell on Monday to the lowest levels in a month as Libya prepared to resume oil exports from two ports closed nearly a year, and as supply from Iraq remained unaffected by violence sweeping the OPEC country.
MARKET NEWS
* The dollar eased and global equity markets fell on Monday after a surprise
drop in German industrial output cooled a rally that sent various stock indexes
to record highs last week and as investors turned to corporate earnings for the
second quarter.
RELATED
> Spot corn basis bids held steady to mixed around the U.S. Midwest in quiet trade on Monday as farmers were uninterested in selling as Chicago Board of Trade corn futures slumped to a four-year low, dealers said.
> U.S. crop conditions held steady, with soybean ratings at a 20-year high and corn ratings at a 15-year high, during the past week with ample soil moisture and warm weather providing near ideal conditions for growth.
> U.S. corn futures 0#C: tumbled as much as 2 percent to the lowest levels in nearly four years on Monday as conditions for the developing crop remained ideal, traders said.
> ICE Canada canola futures were mostly higher on Monday, bucking weakness in U.S. soybean futures, on concerns about production cuts related to the recent rains that flooded fields in key crop areas, traders said.
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's July 1-10 palm oil export data on July 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-June palm oil stocks, exports and production on July 10.
Palm, soy and crude oil prices at 0030 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 5816 +18.00 5806 5836 144178
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL DEC4 38.54 +0.03 38.51 38.60 267
NYMEX CRUDE AUG4 103.40 -0.13 103.39 103.46 679
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- Reuters
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Monday on speculation that stocks in the world's No.2 grower would fall for the first time in four months, although investor caution ahead of an official industry report capped gains.
* U.S. corn futures tumbled more than 2 percent on Monday to the lowest point in almost four years as largely ideal crop development weather around the Midwest reinforced expectations for a record-large harvest this autumn.
* Brent and U.S. crude oil futures fell on Monday to the lowest levels in a month as Libya prepared to resume oil exports from two ports closed nearly a year, and as supply from Iraq remained unaffected by violence sweeping the OPEC country.
MARKET NEWS
* The dollar eased and global equity markets fell on Monday after a surprise
drop in German industrial output cooled a rally that sent various stock indexes
to record highs last week and as investors turned to corporate earnings for the
second quarter.
RELATED
> Spot corn basis bids held steady to mixed around the U.S. Midwest in quiet trade on Monday as farmers were uninterested in selling as Chicago Board of Trade corn futures slumped to a four-year low, dealers said.
> U.S. crop conditions held steady, with soybean ratings at a 20-year high and corn ratings at a 15-year high, during the past week with ample soil moisture and warm weather providing near ideal conditions for growth.
> U.S. corn futures 0#C: tumbled as much as 2 percent to the lowest levels in nearly four years on Monday as conditions for the developing crop remained ideal, traders said.
> ICE Canada canola futures were mostly higher on Monday, bucking weakness in U.S. soybean futures, on concerns about production cuts related to the recent rains that flooded fields in key crop areas, traders said.
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's July 1-10 palm oil export data on July 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-June palm oil stocks, exports and production on July 10.
Palm, soy and crude oil prices at 0030 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 5816 +18.00 5806 5836 144178
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL DEC4 38.54 +0.03 38.51 38.60 267
NYMEX CRUDE AUG4 103.40 -0.13 103.39 103.46 679
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- Reuters