MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Oct 14 Tuesday
Vegoils: Market Factors to Watch Oct 14 Tuesday
14/10/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil was down for a third day on Monday as crude oil slipped to a four-year low, reducing prospects of demand for biodiesel in addition to large harvests for palm and soy and slack demand for edible oils.
* U.S. corn futures rose 3.6 percent on Monday, the second-biggest single-day jump of 2014, as rains in the Midwest interrupted the harvest and slowed the arrival of a record-large crop into marketing channels, traders said.
* Brent oil prices fell on Monday, tumbling more than $2 a barrel intraday to their lowest since 2010, after key Middle East producers signaled they would keep output high even if that meant lower prices.
MARKET NEWS
* Stocks on Wall Street tumbled in late selling on Monday as the technical picture soured for the S&P 500, while the U.S. dollar posted its worst day in a year after comments from Federal Reserve officials hinted at delays in expected interest rate hikes.
RELATED
> Ukraine harvests 48.2 mln T grain from 83 pct planted area
> Agravis, Danish firms to buy German grain trader Getreide
> German oil mill Anklam output hit by fire, to resume this week
> South Korea's FLC tenders to buy corn, feed wheat, soymeal-trade
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's October 1-15 palm oil exports on Oct. 15.
Palm, soy and crude oil prices at 0012 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 5240 +34.00 5184 5256 320164
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 33.05 -5.50 33.00 33.11 247
INDIA PALM OIL OCT4 446.30 -5.50 444.10 451.70 866
INDIA SOYOIL OCT4 588.80 -10.10 584.00 597.00 26290
NYMEX CRUDE NOV4 85.08 -0.66 84.83 85.15 2516
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 was down for a third day on Monday as crude oil slipped to a four-year low, reducing prospects of demand for biodiesel in addition to large harvests for palm and soy and slack demand for edible oils.
* U.S. corn futures rose 3.6 percent on Monday, the second-biggest single-day jump of 2014, as rains in the Midwest interrupted the harvest and slowed the arrival of a record-large crop into marketing channels, traders said.
* Brent oil prices fell on Monday, tumbling more than $2 a barrel intraday to their lowest since 2010, after key Middle East producers signaled they would keep output high even if that meant lower prices.
MARKET NEWS
* Stocks on Wall Street tumbled in late selling on Monday as the technical picture soured for the S&P 500, while the U.S. dollar posted its worst day in a year after comments from Federal Reserve officials hinted at delays in expected interest rate hikes.
RELATED
> Ukraine harvests 48.2 mln T grain from 83 pct planted area
> Agravis, Danish firms to buy German grain trader Getreide
> German oil mill Anklam output hit by fire, to resume this week
> South Korea's FLC tenders to buy corn, feed wheat, soymeal-trade
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's October 1-15 palm oil exports on Oct. 15.
Palm, soy and crude oil prices at 0012 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 5240 +34.00 5184 5256 320164
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 33.05 -5.50 33.00 33.11 247
INDIA PALM OIL OCT4 446.30 -5.50 444.10 451.70 866
INDIA SOYOIL OCT4 588.80 -10.10 584.00 597.00 26290
NYMEX CRUDE NOV4 85.08 -0.66 84.83 85.15 2516
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