MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Dec 12 Friday
Vegoils: Market Factors to Watch Dec 12 Friday
12/12/2014 (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 on Thursday, tracking gains in competing vegetable oil markets, with expectations of a drop in production in December also helping lift prices.
* U.S. wheat futures rallied 2.6 percent on Thursday, ending a choppy trading session with a late-day surge on short-covering and fund buying amid talk of a slowdown in exports from Russia.
* U.S. crude fell below $60 a barrel on Thursday for the first time in five years, breaking through a key psychological support level that triggered fresh selling as some traders said they saw no reason for a rebound any time soon.
MARKET NEWS
* The dollar and most global equity markets on Thursday snapped three days of losses after strong U.S. retail sales and declining jobless claims signaled the U.S. economy could weather weak oil prices and a likely interest rate hike next year.
RELATED
> Malaysia's Dec 1-10 palm oil exports rose 0.2 pct-SGS
> POLL-November soy crush seen at record on exports, profit margins
> Rains help Argentine farm areas, 67 pct of soy planted-exchange
> China sugar refiners agree to limit out-of quota imports in 2015
> Cocoa market seen in surplus in 2014/15 for second year -JSG
> Brazil's sugar output slows as rains soak end of cane harvest
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Dec. 1-15 palm oil exports on Dec. 15.
Palm, soy and crude oil prices at 0018 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 5038 +8.00 5012 5054 485654
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 32.02 +4.20 0.00 0.00 0
INDIA PALM OIL DEC4 424.10 +4.20 417.40 424.80 1396
INDIA SOYOIL DEC4 580.90 +0.95 578.10 581.00 16875
NYMEX CRUDE JAN5 59.10 -0.85 58.85 59.29 2058
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 on Thursday, tracking gains in competing vegetable oil markets, with expectations of a drop in production in December also helping lift prices.
* U.S. wheat futures rallied 2.6 percent on Thursday, ending a choppy trading session with a late-day surge on short-covering and fund buying amid talk of a slowdown in exports from Russia.
* U.S. crude fell below $60 a barrel on Thursday for the first time in five years, breaking through a key psychological support level that triggered fresh selling as some traders said they saw no reason for a rebound any time soon.
MARKET NEWS
* The dollar and most global equity markets on Thursday snapped three days of losses after strong U.S. retail sales and declining jobless claims signaled the U.S. economy could weather weak oil prices and a likely interest rate hike next year.
RELATED
> Malaysia's Dec 1-10 palm oil exports rose 0.2 pct-SGS
> POLL-November soy crush seen at record on exports, profit margins
> Rains help Argentine farm areas, 67 pct of soy planted-exchange
> China sugar refiners agree to limit out-of quota imports in 2015
> Cocoa market seen in surplus in 2014/15 for second year -JSG
> Brazil's sugar output slows as rains soak end of cane harvest
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Dec. 1-15 palm oil exports on Dec. 15.
Palm, soy and crude oil prices at 0018 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 5038 +8.00 5012 5054 485654
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 32.02 +4.20 0.00 0.00 0
INDIA PALM OIL DEC4 424.10 +4.20 417.40 424.80 1396
INDIA SOYOIL DEC4 580.90 +0.95 578.10 581.00 16875
NYMEX CRUDE JAN5 59.10 -0.85 58.85 59.29 2058
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