MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Wednesday Jan 27
Vegoils: Market Factors to Watch Wednesday Jan 27
27/01/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on wednesday Jan 27.
FUNDAMENTALS
* Malaysian palm oil futures rose for a second session and hit a one-week high on Tuesday, buoyed by expectations of lower output and as traders covered their short positions ahead of the Lunar New Year holidays, but gains were restricted as crude oil prices fell.
* Chicago Board of Trade wheat prices climbed to a one-month high Tuesday on chart-based buying and fund short-covering as the market digested news that Russia might limit grain exports, traders said.
* U.S. crude oil futures dropped more than 3 percent in Asian trading on Wednesday to test the$30 a barrel level again, as profit taking wiped out most of the gains seen in the previous session linked to hopes for output cuts.
MARKET NEWS
* Asian stocks were subdued on Wednesday as a wait-and-see mood prevailed ahead of the Federal Reserve's policy statement due later, and with sentiment fragile after a rout in Chinese shares the previous day.
RELATED
> Argentine corn crop suffers losses due to drought
> Egypt's GASC cancels tender to buy soyoil, sunflower oil
> Crude palm oil prices and Malaysian output seen slightly higher in 2016
> China 2015 corn, corn substitutes imports at record due to cheap prices
> Malaysia's Jan 1-25 palm oil exports fell 8.3 pct -SGS
DATA/EVENTS
> MPOB releases Malaysia's January 2016 data on February 10.
Palm, soy and crude oil prices at 0033 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 0 +0.00 0 0 0
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 4708 +34.00 4692 4718 353868
CHINA SOYOIL MAY6 5626 +20.00 5612 5630 180724
CBOT SOY OIL MAR6 30.74 -0.60 0.00 0.00 0
INDIA PALM OIL JAN6 428.90 -0.60 428.00 430.80 446
INDIA SOYOIL FEB6 608.65 -4.00 608.60 613.80 39590
NYMEX CRUDE MAR6 30.84 -0.61 30.30 30.88 6813
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 for a second session and hit a one-week high on Tuesday, buoyed by expectations of lower output and as traders covered their short positions ahead of the Lunar New Year holidays, but gains were restricted as crude oil prices fell.
* Chicago Board of Trade wheat prices climbed to a one-month high Tuesday on chart-based buying and fund short-covering as the market digested news that Russia might limit grain exports, traders said.
* U.S. crude oil futures dropped more than 3 percent in Asian trading on Wednesday to test the$30 a barrel level again, as profit taking wiped out most of the gains seen in the previous session linked to hopes for output cuts.
MARKET NEWS
* Asian stocks were subdued on Wednesday as a wait-and-see mood prevailed ahead of the Federal Reserve's policy statement due later, and with sentiment fragile after a rout in Chinese shares the previous day.
RELATED
> Argentine corn crop suffers losses due to drought
> Egypt's GASC cancels tender to buy soyoil, sunflower oil
> Crude palm oil prices and Malaysian output seen slightly higher in 2016
> China 2015 corn, corn substitutes imports at record due to cheap prices
> Malaysia's Jan 1-25 palm oil exports fell 8.3 pct -SGS
DATA/EVENTS
> MPOB releases Malaysia's January 2016 data on February 10.
Palm, soy and crude oil prices at 0033 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 0 +0.00 0 0 0
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 4708 +34.00 4692 4718 353868
CHINA SOYOIL MAY6 5626 +20.00 5612 5630 180724
CBOT SOY OIL MAR6 30.74 -0.60 0.00 0.00 0
INDIA PALM OIL JAN6 428.90 -0.60 428.00 430.80 446
INDIA SOYOIL FEB6 608.65 -4.00 608.60 613.80 39590
NYMEX CRUDE MAR6 30.84 -0.61 30.30 30.88 6813
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