MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Sept 5 Friday
Vegoils: Market Factors to Watch Sept 5 Friday
05/09/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
* Malaysian palm oil rose to a one-week top on Thursday, gaining for a third straight session as strong end-user demand drove prices higher after the market slid to its lowest since 2009 earlier this week.
* U.S. corn and soybeans futures fell more than 1 percent to their lowest levels in four years on Thursday in a technical selloff sparked by the looming harvest of record-large crops.
* Crude oil futures traded lower on Thursday after a surprise rate cut from the European Central Bank boosted the dollar and hit commodities priced in the U.S.currency.
MARKET NEWS
* The euro sank on Thursday after the European Central Bank unexpectedly cut its ultra-low interest rates even further and said it would start buying loans and bonds next month to prop up the continent's struggling economy.
RELATED
> Malaysia exempts crude palm oil from tax to boost export demand
> Indonesia palm oil companies rushing to catch oleochemicals train
> U.S. weather forecaster lowers El Niño chances to 60-65 pct
> Corn, soy fall to 4-year lows ahead of record harvests
> Drought to impact Brazil's sugar output for years - Datagro
> Major U.S. sugar group boosts prices, citing tighter supplies
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Sept. 1-10 palm oil export data on Sept. 10
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-August palm oil stocks, exports and production on Sept. 10.
Palm, soy and crude oil prices at 0030 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5236 +36.00 5228 5268 217376
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.31 +0.10 32.24 32.33 491
NYMEX CRUDE OCT4 94.62 +0.17 94.47 94.63 1105
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 rose to a one-week top on Thursday, gaining for a third straight session as strong end-user demand drove prices higher after the market slid to its lowest since 2009 earlier this week.
* U.S. corn and soybeans futures fell more than 1 percent to their lowest levels in four years on Thursday in a technical selloff sparked by the looming harvest of record-large crops.
* Crude oil futures traded lower on Thursday after a surprise rate cut from the European Central Bank boosted the dollar and hit commodities priced in the U.S.currency.
MARKET NEWS
* The euro sank on Thursday after the European Central Bank unexpectedly cut its ultra-low interest rates even further and said it would start buying loans and bonds next month to prop up the continent's struggling economy.
RELATED
> Malaysia exempts crude palm oil from tax to boost export demand
> Indonesia palm oil companies rushing to catch oleochemicals train
> U.S. weather forecaster lowers El Niño chances to 60-65 pct
> Corn, soy fall to 4-year lows ahead of record harvests
> Drought to impact Brazil's sugar output for years - Datagro
> Major U.S. sugar group boosts prices, citing tighter supplies
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Sept. 1-10 palm oil export data on Sept. 10
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-August palm oil stocks, exports and production on Sept. 10.
Palm, soy and crude oil prices at 0030 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5236 +36.00 5228 5268 217376
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.31 +0.10 32.24 32.33 491
NYMEX CRUDE OCT4 94.62 +0.17 94.47 94.63 1105
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