MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch Aug 1 Friday
Palm Oil/Vegoils: Market Factors to Watch Aug 1 Friday
01/08/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
* Malaysian palm oil futures fell in thin trade on Thursday, reversing gains from the early session as disappointing export data and weakness in comparative soy markets dragged the tropical oil to record its biggest monthly drop since May.
*U.S. soybean futures rose on Thursday on signs that demand will keep domestic supplies tight until harvest, while corn weakened due to forecasts for more crop-boosting rain in the U.S. Midwest, traders said.
* U.S. crude oil tumbled more than $2 on Thursday, going below $98 a barrel, hitting the lowest level since March on news of a potentially lengthy shutdown at a Kansas oil refinery, while Brent also slipped amid signs of robust OPEC oil production.
MARKET NEWS
* Global equity markets tumbled on Thursday, hurt by ongoing tensions with Russia and Argentina's second default in 12 years, while the U.S. dollar edged higher against a basket of major currencies for its strongest monthly gain in over a year.
RELATED
> Malaysia's July palm exports down 2.8 pct m/m-ITS
> Rubber stocks in China's Qingdao port lowest since Oct 2013
> U.S. EPA extends 2013 biofuel compliance deadline for third time
> W.Canada spring wheat, durum yields look second-biggest ever -crop tour
DATA/EVENTS
> Cargo surveyor Societe Generale de Surveillance to release July palm oil export data on August 4.
Palm, soy and crude oil prices at 0007 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 5658 +2.00 5636 5660 144950
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.41 +0.01 36.36 36.45 408
NYMEX CRUDE SEP4 97.87 -0.31 97.66 97.96 2527
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 in thin trade on Thursday, reversing gains from the early session as disappointing export data and weakness in comparative soy markets dragged the tropical oil to record its biggest monthly drop since May.
*U.S. soybean futures rose on Thursday on signs that demand will keep domestic supplies tight until harvest, while corn weakened due to forecasts for more crop-boosting rain in the U.S. Midwest, traders said.
* U.S. crude oil tumbled more than $2 on Thursday, going below $98 a barrel, hitting the lowest level since March on news of a potentially lengthy shutdown at a Kansas oil refinery, while Brent also slipped amid signs of robust OPEC oil production.
MARKET NEWS
* Global equity markets tumbled on Thursday, hurt by ongoing tensions with Russia and Argentina's second default in 12 years, while the U.S. dollar edged higher against a basket of major currencies for its strongest monthly gain in over a year.
RELATED
> Malaysia's July palm exports down 2.8 pct m/m-ITS
> Rubber stocks in China's Qingdao port lowest since Oct 2013
> U.S. EPA extends 2013 biofuel compliance deadline for third time
> W.Canada spring wheat, durum yields look second-biggest ever -crop tour
DATA/EVENTS
> Cargo surveyor Societe Generale de Surveillance to release July palm oil export data on August 4.
Palm, soy and crude oil prices at 0007 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 5658 +2.00 5636 5660 144950
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.41 +0.01 36.36 36.45 408
NYMEX CRUDE SEP4 97.87 -0.31 97.66 97.96 2527
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