MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Sept. 4(Wednesday)
VEGOILS/PALM OIL-Market Factors To Watch Sept. 4(Wednesday)
04/09/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures fell on Tuesday as a stronger ringgit lowered the tropical oil's appeal for overseas buyers, although a firm soy market capped the losses.
* U.S. soybean futures surged more than 2 percent on Tuesday as dry weather in key production areas of the U.S. farm belt eroded crop conditions and threatened yield prospects.
* Brent crude oil futures rose more than $1 per barrel on Tuesday and settled 1.2 percent higher, fuelled by tighter global supplies and as U.S. lawmakers voiced support for military action against Syria, upholding fears of oil supply disruptions in the broader Middle East.
MARKET NEWS
* World stock markets rose on Tuesday but ended well off session highs as U.S. congressional leaders voiced support for military intervention in Syria, while bond yields rose and the dollar gained on strong U.S. manufacturing data.
* Oil and gold rallied sharply on Tuesday as U.S. lawmakers' support for action against Syria raised worries about the stability of Middle East oil supplies and boosted the potential for hedging with safe-haven markets.
RELATED NEWS
> M'sia to start green palm oil brand by 2014 to help bolster demand
> Soybeans rally as dry weather threatens U.S. yields
> Dry weather seen threatening U.S. soybean yields
> Indonesia to relax cattle, beef import rules -govt officials
> Thailand extends buying scheme, risks adding to rice pile
> Vietnam Coffee start to new crop harvest to pressure prices
> COLUMN-U.S. advanced biofuel targets inflated expectations
DATA/EVENTS
> Cargo surveyors to release Malaysia's Sept. 1-10 palm export data on Sept. 10.
> Industry regulator the Malaysian Palm Oil Board to release Malaysia's August palm stocks and output figures on Sept. 10.
FUNDAMENTALS
* Malaysian palm oil futures fell on Tuesday as a stronger ringgit lowered the tropical oil's appeal for overseas buyers, although a firm soy market capped the losses.
* U.S. soybean futures surged more than 2 percent on Tuesday as dry weather in key production areas of the U.S. farm belt eroded crop conditions and threatened yield prospects.
* Brent crude oil futures rose more than $1 per barrel on Tuesday and settled 1.2 percent higher, fuelled by tighter global supplies and as U.S. lawmakers voiced support for military action against Syria, upholding fears of oil supply disruptions in the broader Middle East.
MARKET NEWS
* World stock markets rose on Tuesday but ended well off session highs as U.S. congressional leaders voiced support for military intervention in Syria, while bond yields rose and the dollar gained on strong U.S. manufacturing data.
* Oil and gold rallied sharply on Tuesday as U.S. lawmakers' support for action against Syria raised worries about the stability of Middle East oil supplies and boosted the potential for hedging with safe-haven markets.
RELATED NEWS
> M'sia to start green palm oil brand by 2014 to help bolster demand
> Soybeans rally as dry weather threatens U.S. yields
> Dry weather seen threatening U.S. soybean yields
> Indonesia to relax cattle, beef import rules -govt officials
> Thailand extends buying scheme, risks adding to rice pile
> Vietnam Coffee start to new crop harvest to pressure prices
> COLUMN-U.S. advanced biofuel targets inflated expectations
DATA/EVENTS
> Cargo surveyors to release Malaysia's Sept. 1-10 palm export data on Sept. 10.
> Industry regulator the Malaysian Palm Oil Board to release Malaysia's August palm stocks and output figures on Sept. 10.