MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Jan 23
VEGOILS-Market Factors to Watch Jan 23
23/01/2015 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures dropped to their lowest level in three weeks on Thursday as the ringgit ticked up and crude oil prices continued to languish, but tight supplies of palm after flooding provided some support.
* U.S. grain and soybean futures slipped on Thursday as the rising U.S. dollar made farm products less competitive on the global market. The United States is having a hard time competing for grain export business, with Ukraine and South America undercutting U.S. corn prices, said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa.
* Crude oil prices pared early losses but still settled lower on Thursday after a government report showed the biggest build in U.S. crude inventory in at least 14 years.
MARKET NEWS
* Wall Street jumped 1.5 percent and European shares climbed to a seven-year high on Thursday as world markets cheered the European Central Bank's new stimulus program, worth more than 1 trillion euros, while the euro slipped to an 11-year low.
RELATED
> Egypt's Suez Canal revenue at $445.5 mln in December
> Wilmar opens palm oil supplies to scrutiny to protect forests
> China to raise local grain reserves to improve food security
> Brazil's Agroconsult cuts soy estimate after dry weather
> Starbucks price set for 94 pct of 2015 coffee supply -CFO
> Brazil to raise ethanol blend in new nod to cane industry
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Jan. 1-25 palm oil exports on Jan. 26.
Palm, soy and crude oil prices at 0034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 0 +0.00 0 0 0
MY PALM OIL MAR5 0 +0.00 0 0 0
MY PALM OIL APR5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 4866 -22.00 4854 4892 172232
CHINA SOYOIL MAY5 5580 -36.00 5556 5612 216046
CBOT SOY OIL MAR5 32.10 -6.70 0.00 0.00 0
INDIA PALM OIL JAN5 439.00 -6.70 436.10 445.70 667
INDIA SOYOIL FEB5 624.95 -11.95 624.10 637.80 54175
NYMEX CRUDE MAR5 47.29 +0.98 46.51 47.76 10280
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 dropped to their lowest level in three weeks on Thursday as the ringgit ticked up and crude oil prices continued to languish, but tight supplies of palm after flooding provided some support.
* U.S. grain and soybean futures slipped on Thursday as the rising U.S. dollar made farm products less competitive on the global market. The United States is having a hard time competing for grain export business, with Ukraine and South America undercutting U.S. corn prices, said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa.
* Crude oil prices pared early losses but still settled lower on Thursday after a government report showed the biggest build in U.S. crude inventory in at least 14 years.
MARKET NEWS
* Wall Street jumped 1.5 percent and European shares climbed to a seven-year high on Thursday as world markets cheered the European Central Bank's new stimulus program, worth more than 1 trillion euros, while the euro slipped to an 11-year low.
RELATED
> Egypt's Suez Canal revenue at $445.5 mln in December
> Wilmar opens palm oil supplies to scrutiny to protect forests
> China to raise local grain reserves to improve food security
> Brazil's Agroconsult cuts soy estimate after dry weather
> Starbucks price set for 94 pct of 2015 coffee supply -CFO
> Brazil to raise ethanol blend in new nod to cane industry
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Jan. 1-25 palm oil exports on Jan. 26.
Palm, soy and crude oil prices at 0034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 0 +0.00 0 0 0
MY PALM OIL MAR5 0 +0.00 0 0 0
MY PALM OIL APR5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 4866 -22.00 4854 4892 172232
CHINA SOYOIL MAY5 5580 -36.00 5556 5612 216046
CBOT SOY OIL MAR5 32.10 -6.70 0.00 0.00 0
INDIA PALM OIL JAN5 439.00 -6.70 436.10 445.70 667
INDIA SOYOIL FEB5 624.95 -11.95 624.10 637.80 54175
NYMEX CRUDE MAR5 47.29 +0.98 46.51 47.76 10280
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