MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch July 24 Thursday
Palm Oil/Vegoils: Market Factors to Watch July 24 Thursday
24/07/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures slid to their lowest in more than 11 months on Wednesday, dragged by fears of abundant global oilseed supplies, and as estimates for an uptick in palm oil output this month turned investors wary.
* Front-month soybean futures rose to their highest level in more than a week on Wednesday, supported by firming U.S. cash markets as supplies of old-crop soybeans dwindle with the autumn harvest still about two months away, traders said.
* Crude oil futures rose on Wednesday, as oil stockpiles in the United States fell more than expected and geopolitical tensions in Eastern Europe and the Middle East persisted.
MARKET NEWS
* Global equity markets edged higher on Wednesday as a backdrop of solid corporate earnings buoyed risk appetite, but worries over the Middle East and Ukraine kept demand strong for safe-haven assets such as bonds.
* Gold prices jumped their most in a month on Thursday on geopolitical worries after a Malaysian jetliner crashed in eastern Ukraine, while other key commodities rose, too, on an improved demand outlook versus supply.
RELATED
> Soybeans hit over one-week high, U.S. old-crop supply tightens
> Pakistani importers buy 35,000 T Black Sea sunflower seed
> Ethanol needs separate treatment in U.S. rail rules
> ICE cocoa at 3-yr high as shorts scramble, arabica rallies
> Coffee prices to extend gains as market switches to deficit
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's July 1-25 palm oil export data on July 25.
Palm, soy and crude oil prices at 2359 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5664 +68.00 5572 5666 213682
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.37 +0.00 0.00 0.00 0
NYMEX CRUDE SEP4 103.10 -0.02 103.07 103.31 1196
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 slid to their lowest in more than 11 months on Wednesday, dragged by fears of abundant global oilseed supplies, and as estimates for an uptick in palm oil output this month turned investors wary.
* Front-month soybean futures rose to their highest level in more than a week on Wednesday, supported by firming U.S. cash markets as supplies of old-crop soybeans dwindle with the autumn harvest still about two months away, traders said.
* Crude oil futures rose on Wednesday, as oil stockpiles in the United States fell more than expected and geopolitical tensions in Eastern Europe and the Middle East persisted.
MARKET NEWS
* Global equity markets edged higher on Wednesday as a backdrop of solid corporate earnings buoyed risk appetite, but worries over the Middle East and Ukraine kept demand strong for safe-haven assets such as bonds.
* Gold prices jumped their most in a month on Thursday on geopolitical worries after a Malaysian jetliner crashed in eastern Ukraine, while other key commodities rose, too, on an improved demand outlook versus supply.
RELATED
> Soybeans hit over one-week high, U.S. old-crop supply tightens
> Pakistani importers buy 35,000 T Black Sea sunflower seed
> Ethanol needs separate treatment in U.S. rail rules
> ICE cocoa at 3-yr high as shorts scramble, arabica rallies
> Coffee prices to extend gains as market switches to deficit
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's July 1-25 palm oil export data on July 25.
Palm, soy and crude oil prices at 2359 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5664 +68.00 5572 5666 213682
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.37 +0.00 0.00 0.00 0
NYMEX CRUDE SEP4 103.10 -0.02 103.07 103.31 1196
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