MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Feb 4
VEGOILS-Market Factors to Watch Feb 4
04/02/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose for a second trading day to reach a new 20-month high on Wednesday as traders forecast lower palm oil output in February due to the Lunar New Year public holidays.
* U.S soybeans and corn futures fell on Wednesday, pressured by profit-taking after recent six-week highs and outlooks for needed rains in South America.
* Oil prices jumped 8 percent higher on Wednesday, snapping a two-day rout, after investors took advantage of a weaker U.S. dollar and shrugged off data showing an unexpected large surge in U.S. crude inventories to record highs.
MARKET NEWS
* Asian shares rebounded on Thursday as speculation the U.S. Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices.
RELATED
> Indian oilseeds, soyoil futures rise in line with Malaysian palm oil
> ChemChina's Syngenta swoop: a 12-year crush, a 12-month courtship
> Creditors seek to put Abengoa's U.S. bioethanol unit into bankruptcy
> Slowing Chinese sorghum demand ends boom for Australian, U.S. growers
> Steelmakers face another year of pain even as prices steady
DATA/EVENTS
> MPOB releases Malaysia's January 2016 data on February 10.
Palm, soy and crude oil prices at 0035 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 4768 +6.00 4764 4790 170238
CHINA SOYOIL MAY6 5638 +4.00 5626 5658 92616
CBOT SOY OIL MAR6 30.98 +6.60 0.00 0.00 0
INDIA PALM OIL FEB6 460.20 +6.60 454.50 460.60 1499
INDIA SOYOIL FEB6 619.50 -0.05 617.50 621.70 30530
NYMEX CRUDE MAR6 32.44 +0.16 32.37 32.78 6122
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 trading day to reach a new 20-month high on Wednesday as traders forecast lower palm oil output in February due to the Lunar New Year public holidays.
* U.S soybeans and corn futures fell on Wednesday, pressured by profit-taking after recent six-week highs and outlooks for needed rains in South America.
* Oil prices jumped 8 percent higher on Wednesday, snapping a two-day rout, after investors took advantage of a weaker U.S. dollar and shrugged off data showing an unexpected large surge in U.S. crude inventories to record highs.
MARKET NEWS
* Asian shares rebounded on Thursday as speculation the U.S. Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices.
RELATED
> Indian oilseeds, soyoil futures rise in line with Malaysian palm oil
> ChemChina's Syngenta swoop: a 12-year crush, a 12-month courtship
> Creditors seek to put Abengoa's U.S. bioethanol unit into bankruptcy
> Slowing Chinese sorghum demand ends boom for Australian, U.S. growers
> Steelmakers face another year of pain even as prices steady
DATA/EVENTS
> MPOB releases Malaysia's January 2016 data on February 10.
Palm, soy and crude oil prices at 0035 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 4768 +6.00 4764 4790 170238
CHINA SOYOIL MAY6 5638 +4.00 5626 5658 92616
CBOT SOY OIL MAR6 30.98 +6.60 0.00 0.00 0
INDIA PALM OIL FEB6 460.20 +6.60 454.50 460.60 1499
INDIA SOYOIL FEB6 619.50 -0.05 617.50 621.70 30530
NYMEX CRUDE MAR6 32.44 +0.16 32.37 32.78 6122
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