MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Oct 31
VEGOILS-Market Factors to Watch Oct 31
31/10/2014 (Reuters)- The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose to a more than three-month high on Thursday, driven by big gains in comparative soy markets as well as optimism that growing food consumption amid weakening palm output will underpin prices into next year.
* U.S. soymeal futures fell 4 percent on Thursday for their biggest daily losses since June as investors locked in profits after prices for the protein-rich animal feed soared to a seven-week high.
* Oil prices closed down 1 percent on Thursday, resuming their downtrend after a two-day climb, as the dollar rallied on bets of a sooner-than-expected U.S. rate hike and traders placed little hope on OPEC cutting output at its November meeting.
MARKET NEWS
* The dollar surged to a three-week high and government bond yields rose on Thursday, one day after the U.S. Federal Reserve took a more hawkish tone in its assessment of the economy as it announced the end of its six-year bond-buying program.
RELATED
> Indonesia keeps Nov crude palm oil export tax at zero
> Bunge CEO forecasts strong soy U.S. crush margins into 2015
> Slow farmer sales to stretch until next year -Bunge CEO
> Protein concerns raised about record U.S. soybean crop
> History of U.S. biofuel mandate provides opening for legal challenge
> Brazil sugar and coffee to see 2-3 inches rain from weekend on -Somar
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's October palm oil exports on Oct. 31.
Palm, soy and crude oil prices at 0029 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV4 0 +0.00 0 0 0
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5344 -6.00 5324 5362 333746
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 34.25 +2.30 34.21 34.31 493
INDIA PALM OIL OCT4 455.00 +2.30 451.70 456.90 451
NYMEX CRUDE DEC4 80.95 -0.17 80.85 81.05 679
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 a more than three-month high on Thursday, driven by big gains in comparative soy markets as well as optimism that growing food consumption amid weakening palm output will underpin prices into next year.
* U.S. soymeal futures fell 4 percent on Thursday for their biggest daily losses since June as investors locked in profits after prices for the protein-rich animal feed soared to a seven-week high.
* Oil prices closed down 1 percent on Thursday, resuming their downtrend after a two-day climb, as the dollar rallied on bets of a sooner-than-expected U.S. rate hike and traders placed little hope on OPEC cutting output at its November meeting.
MARKET NEWS
* The dollar surged to a three-week high and government bond yields rose on Thursday, one day after the U.S. Federal Reserve took a more hawkish tone in its assessment of the economy as it announced the end of its six-year bond-buying program.
RELATED
> Indonesia keeps Nov crude palm oil export tax at zero
> Bunge CEO forecasts strong soy U.S. crush margins into 2015
> Slow farmer sales to stretch until next year -Bunge CEO
> Protein concerns raised about record U.S. soybean crop
> History of U.S. biofuel mandate provides opening for legal challenge
> Brazil sugar and coffee to see 2-3 inches rain from weekend on -Somar
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's October palm oil exports on Oct. 31.
Palm, soy and crude oil prices at 0029 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV4 0 +0.00 0 0 0
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5344 -6.00 5324 5362 333746
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 34.25 +2.30 34.21 34.31 493
INDIA PALM OIL OCT4 455.00 +2.30 451.70 456.90 451
NYMEX CRUDE DEC4 80.95 -0.17 80.85 81.05 679
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