MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Sept 19 Friday
Vegoils: Market Factors to Watch Sept 19 Friday
19/09/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
* Malaysian palm oil futures rose to their highest in over five weeks on Thursday as the Malaysian currency slipped to its lowest since early May and stoked buying interest, although some profit-taking in late trade eroded gains.
* U.S. soybean futures fell 1.1 percent to their lowest in more than four years on Thursday as farmers resumed harvesting in parts of the U.S. Midwest as fields began to dry out, traders said.
* Crude oil fell on Thursday, pressured by ample supply, concerns about demand growth and a stronger U.S. dollar. Traders pinned much of the fall on the U.S. dollar's rally .DXY to its highest in more than four years against a basket of currencies. The dollar drew support from a fall in U.S. jobless claims and Federal Reserve interest rate forecasts that were higher than those predicted in June.
MARKET NEWS
* Investors focused on an increase in the Federal Reserve's interest rate forecast boosted the dollar to a more than six-year peak against the yen, while global equity markets rallied and the Dow and S&P 500 set fresh record highs onthe Fed's unchanged timeline for eventual rate hikes.
RELATED
> India port repair delays cooking oil imports, may raise prices
> Argentine customs workers' strike paralyzes grains exports
> EU set for record maize crop - Strategie Grains
> India's monsoon rains weaken as late retreat looms
> U.S. soybeans, wheat fall to lowest since 2010
> Rains forecast for mid-October in thirsty Brazil croplands
> Despite USDA approval,Dow's new GMO corn and soybeans face hurdles
DATA/EVENTS
> Cargo surveyors Intertek Testing Services to release Sept. 1-20 palm oil export data on Sept. 20. Cargo surveyor Societe Generale de Surveillance to release data for same period on Sept. 22.
Palm, soy and crude oil prices at 0016 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
MY PALM OIL DEC4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5232 -36.00 5232 5262 231590
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.94 -5.70 32.93 33.00 1037
INDIA PALM OIL SEP4 458.20 -5.70 457.70 467.90 1957
INDIA SOYOIL SEP4 642.50 -2.45 642.50 646.00 2310
NYMEX CRUDE OCT4 93.07 +0.00 92.95 93.17 448
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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures rose to their highest in over five weeks on Thursday as the Malaysian currency slipped to its lowest since early May and stoked buying interest, although some profit-taking in late trade eroded gains.
* U.S. soybean futures fell 1.1 percent to their lowest in more than four years on Thursday as farmers resumed harvesting in parts of the U.S. Midwest as fields began to dry out, traders said.
* Crude oil fell on Thursday, pressured by ample supply, concerns about demand growth and a stronger U.S. dollar. Traders pinned much of the fall on the U.S. dollar's rally .DXY to its highest in more than four years against a basket of currencies. The dollar drew support from a fall in U.S. jobless claims and Federal Reserve interest rate forecasts that were higher than those predicted in June.
MARKET NEWS
* Investors focused on an increase in the Federal Reserve's interest rate forecast boosted the dollar to a more than six-year peak against the yen, while global equity markets rallied and the Dow and S&P 500 set fresh record highs onthe Fed's unchanged timeline for eventual rate hikes.
RELATED
> India port repair delays cooking oil imports, may raise prices
> Argentine customs workers' strike paralyzes grains exports
> EU set for record maize crop - Strategie Grains
> India's monsoon rains weaken as late retreat looms
> U.S. soybeans, wheat fall to lowest since 2010
> Rains forecast for mid-October in thirsty Brazil croplands
> Despite USDA approval,Dow's new GMO corn and soybeans face hurdles
DATA/EVENTS
> Cargo surveyors Intertek Testing Services to release Sept. 1-20 palm oil export data on Sept. 20. Cargo surveyor Societe Generale de Surveillance to release data for same period on Sept. 22.
Palm, soy and crude oil prices at 0016 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
MY PALM OIL DEC4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5232 -36.00 5232 5262 231590
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.94 -5.70 32.93 33.00 1037
INDIA PALM OIL SEP4 458.20 -5.70 457.70 467.90 1957
INDIA SOYOIL SEP4 642.50 -2.45 642.50 646.00 2310
NYMEX CRUDE OCT4 93.07 +0.00 92.95 93.17 448
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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel