MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Nov 19 Wednesday
Vegoils: Market Factors to Watch Nov 19 Wednesday
19/11/2014 (Reuters)The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Tuesday, as weakening production fuelled optimism that inventories of the tropical oil may be lower than initially expected when final numbers for October are reported.
* U.S. grain and soybean futures fell on Tuesday, with corn tumbling 1.5 percent to cap off its biggest three-day slump in nearly two months as investors took profits and record-large corn and soybean harvests neared completion.
* Oil fell for a second straight day on Tuesday as traders looked beyond price defense attempts by Russia and Venezuela and toward Saudi Arabia and OPEC for fresh leads on whether the group will cut output when it meets later this month.
MARKET NEWS
* Stock markets around the world rose on Tuesday and the yen hit a seven-year low as news of a snap election and a delayed tax increase in Japan bolstered hopes for new stimulus measures a day after data showed the country was back in recession.
RELATED
> Unknown destinations buy 100,607 tns US soybeans for 2014/15-USDA
> ADM picks oilseed executive to lead ingredients company
> Drought to delay Brazil soy harvest, tighten biodiesel supplies
> Wintry conditions stall corn harvest in upper U.S. Midwest
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Nov. 1-20 palm oil exports on Nov. 20.
Palm, soy and crude oil prices at 0027 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
MY PALM OIL FEB5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 5344 +14.00 5340 5378 410210
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.64 -1.40 0.00 0.00 0
INDIA PALM OIL NOV4 447.60 -1.40 445.20 449.00 659
NYMEX CRUDE DEC4 74.24 -0.37 74.16 74.35 493
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 ended higher on Tuesday, as weakening production fuelled optimism that inventories of the tropical oil may be lower than initially expected when final numbers for October are reported.
* U.S. grain and soybean futures fell on Tuesday, with corn tumbling 1.5 percent to cap off its biggest three-day slump in nearly two months as investors took profits and record-large corn and soybean harvests neared completion.
* Oil fell for a second straight day on Tuesday as traders looked beyond price defense attempts by Russia and Venezuela and toward Saudi Arabia and OPEC for fresh leads on whether the group will cut output when it meets later this month.
MARKET NEWS
* Stock markets around the world rose on Tuesday and the yen hit a seven-year low as news of a snap election and a delayed tax increase in Japan bolstered hopes for new stimulus measures a day after data showed the country was back in recession.
RELATED
> Unknown destinations buy 100,607 tns US soybeans for 2014/15-USDA
> ADM picks oilseed executive to lead ingredients company
> Drought to delay Brazil soy harvest, tighten biodiesel supplies
> Wintry conditions stall corn harvest in upper U.S. Midwest
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Nov. 1-20 palm oil exports on Nov. 20.
Palm, soy and crude oil prices at 0027 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
MY PALM OIL FEB5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 5344 +14.00 5340 5378 410210
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.64 -1.40 0.00 0.00 0
INDIA PALM OIL NOV4 447.60 -1.40 445.20 449.00 659
NYMEX CRUDE DEC4 74.24 -0.37 74.16 74.35 493
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