MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch April 29
VEGOILS-Market Factors to Watch April 29
29/04/2015 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures slid to an eight-month low on Tuesday as the ringgit MYR=MY continued to gain traction, stoking worries that overseas buyers may shy away from palm at a time when the tropical plant enters a higher production cycle.
* U.S. wheat futures were narrowly higher on Tuesday, rising in a short-covering bounce after tumbling to their lowest levels since June of 2010 earlier in the session.
* Oil prices remained under pressure on Tuesday, with Brent settling lower and U.S. crude near flat, as worries about swollen U.S. crude stockpiles cut price gains from an early rally on security scares in the Middle East and a weak dollar.
MARKET NEWS
* Two of three major U.S. stock indexes rose modestly on Tuesday as Merck posted strong earnings and IBM raised its dividend, while European stocks slid on weak corporate results and oil prices were flat to lower on expectations that U.S. crude stockpiles have reached record highs.
RELATED
> China's 2015 soybean target price unchanged at 4,800 yuan/tonne - planner
> INSIGHT-U.S. officials predict a return of avian flu in the fall
> Yara says Brazil fertilizer sales slower in 2015
> European Union moves to stop spread of "olive tree leprosy"
> USDA Attache Report: Oilseeds and Products Update Kuala Lumpur Malaysia
> Russian wheat prices slide as buyers bet on export tax removal
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's April palm oil exports on April 30.
Palm, soy and crude oil prices at 0017 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY5 0 +0.00 0 0 0
MY PALM OIL JUN5 0 +0.00 0 0 0
MY PALM OIL JUL5 0 +0.00 0 0 0
CHINA PALM OLEIN SEP5 4872 -24.00 4868 4892 233112
CHINA SOYOIL SEP5 5664 -36.00 5662 5700 270432
CBOT SOY OIL JUL5 31.44 -4.40 31.39 31.46 1865
INDIA PALM OIL APR5 435.40 -4.40 434.90 438.60 427
INDIA SOYOIL JUN5 587.00 -6.40 586.70 594.00 46625
NYMEX CRUDE JUN5 56.89 -0.17 56.85 56.99 858
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 slid to an eight-month low on Tuesday as the ringgit MYR=MY continued to gain traction, stoking worries that overseas buyers may shy away from palm at a time when the tropical plant enters a higher production cycle.
* U.S. wheat futures were narrowly higher on Tuesday, rising in a short-covering bounce after tumbling to their lowest levels since June of 2010 earlier in the session.
* Oil prices remained under pressure on Tuesday, with Brent settling lower and U.S. crude near flat, as worries about swollen U.S. crude stockpiles cut price gains from an early rally on security scares in the Middle East and a weak dollar.
MARKET NEWS
* Two of three major U.S. stock indexes rose modestly on Tuesday as Merck posted strong earnings and IBM raised its dividend, while European stocks slid on weak corporate results and oil prices were flat to lower on expectations that U.S. crude stockpiles have reached record highs.
RELATED
> China's 2015 soybean target price unchanged at 4,800 yuan/tonne - planner
> INSIGHT-U.S. officials predict a return of avian flu in the fall
> Yara says Brazil fertilizer sales slower in 2015
> European Union moves to stop spread of "olive tree leprosy"
> USDA Attache Report: Oilseeds and Products Update Kuala Lumpur Malaysia
> Russian wheat prices slide as buyers bet on export tax removal
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's April palm oil exports on April 30.
Palm, soy and crude oil prices at 0017 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY5 0 +0.00 0 0 0
MY PALM OIL JUN5 0 +0.00 0 0 0
MY PALM OIL JUL5 0 +0.00 0 0 0
CHINA PALM OLEIN SEP5 4872 -24.00 4868 4892 233112
CHINA SOYOIL SEP5 5664 -36.00 5662 5700 270432
CBOT SOY OIL JUL5 31.44 -4.40 31.39 31.46 1865
INDIA PALM OIL APR5 435.40 -4.40 434.90 438.60 427
INDIA SOYOIL JUN5 587.00 -6.40 586.70 594.00 46625
NYMEX CRUDE JUN5 56.89 -0.17 56.85 56.99 858
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