MARKET DEVELOPMENT
Palm oil/Vegoils: Market Factors to Watch July 9 Wednesday
Palm oil/Vegoils: Market Factors to Watch July 9 Wednesday
09/07/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures fell to their lowest level in nearly one month on Tuesday as buying interest dried up after the ringgit surged to a more than seven-month high, while caution ahead of a key stocks report kept some investors away from risky bets.
* U.S. soybean futures fell for the seventh straight session on Tuesday, and corn slid lower for a sixth day as favorable weather around the Midwest buoyed forecasts of record crops this autumn.
* Brent crude slid more than $1 a barrel on Tuesday, its seventh straight decline, hitting a one-month low below $109 as Libyan oil exports looked likely to rise and fears eased of supply disruption in Iraq.
MARKET NEWS
* The dollar eased and global equity markets fell on Tuesday as investors stepped back ahead of second-quarter earnings reports and after successive record highs last week for several major stock indices.
RELATED
> Grain Exporters To Feel More Price Pain As Shipping Rates Set To Rise
> Argentina 2013/14 Soy Crop Seen At 55.7 Mln Tonnes - Rosario
> Possible Argentina Debt Default Seen Reducing Corn Output
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 0015 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 5780 -40.00 5776 5798 158420
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL DEC4 37.98 +0.01 37.96 38.00 103
NYMEX CRUDE AUG4 103.51 +0.11 103.43 103.54 583
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 fell to their lowest level in nearly one month on Tuesday as buying interest dried up after the ringgit surged to a more than seven-month high, while caution ahead of a key stocks report kept some investors away from risky bets.
* U.S. soybean futures fell for the seventh straight session on Tuesday, and corn slid lower for a sixth day as favorable weather around the Midwest buoyed forecasts of record crops this autumn.
* Brent crude slid more than $1 a barrel on Tuesday, its seventh straight decline, hitting a one-month low below $109 as Libyan oil exports looked likely to rise and fears eased of supply disruption in Iraq.
MARKET NEWS
* The dollar eased and global equity markets fell on Tuesday as investors stepped back ahead of second-quarter earnings reports and after successive record highs last week for several major stock indices.
RELATED
> Grain Exporters To Feel More Price Pain As Shipping Rates Set To Rise
> Argentina 2013/14 Soy Crop Seen At 55.7 Mln Tonnes - Rosario
> Possible Argentina Debt Default Seen Reducing Corn Output
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 0015 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 5780 -40.00 5776 5798 158420
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL DEC4 37.98 +0.01 37.96 38.00 103
NYMEX CRUDE AUG4 103.51 +0.11 103.43 103.54 583
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