MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch March 18
VEGOILS-Market Factors to Watch March 18
18/03/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures on Thursday registered their biggest gains so far this week, bolstered by concerns over weak output caused by El Nino-related dryness.
* U.S. wheat futures fell on Thursday to their lowest in nearly two weeks, turning lower after a weather forecast predicted that temperatures in the U.S. Plains will not be as cold as previously thought, traders said.
* Oil prices hit 2016 highs on Thursday, with U.S. crude surging 5 percent to pierce the $40 barrier, on optimism that major producers will strike an output freeze deal next month amid rising crude exports and gasoline demand in the United States.
MARKET NEWS
* The U.S. dollar index dropped to a five-month low on Thursday while shares on Wall Street rallied to lead global equities higher as a dovish U.S. Federal Reserve emboldened investors to take on more risk.
RELATED
> India cancels corn import tender, puts off plans to buy more-sources
> French assembly approves extra tax on non-sustainable palm oil
> India has contracted to export 1.3 mln T of sugar - trade body
> Australia's CBH says open to change amid takeover battle
> China's steelmakers warn slower exports and rising output to pressure market-paper
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-20 palm oil export data on March 21.
> Cargo surveyor SGS releases Malaysia's March 1-20 palm oil export data on March 21.
Palm, soy and crude oil prices at 0034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR6 0 +0.00 0 0 0
MY PALM OIL MAY6 0 +0.00 0 0 0
MY PALM OIL JUN6 0 +0.00 0 0 0
CHINA PALM OLEIN SEP6 5356 +102.00 5314 5362 485866
CHINA SOYOIL SEP6 6026 +100.00 5978 6040 401474
CBOT SOY OIL MAY6 33.49 +11.20 33.41 33.53 753
INDIA PALM OIL MAR6 519.10 +11.20 510.00 522 2895
INDIA SOYOIL MAR6 616 +1.65 615 616.3 1050
NYMEX CRUDE APR6 40.11 -0.09 39.96 40.55 2354
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 on Thursday registered their biggest gains so far this week, bolstered by concerns over weak output caused by El Nino-related dryness.
* U.S. wheat futures fell on Thursday to their lowest in nearly two weeks, turning lower after a weather forecast predicted that temperatures in the U.S. Plains will not be as cold as previously thought, traders said.
* Oil prices hit 2016 highs on Thursday, with U.S. crude surging 5 percent to pierce the $40 barrier, on optimism that major producers will strike an output freeze deal next month amid rising crude exports and gasoline demand in the United States.
MARKET NEWS
* The U.S. dollar index dropped to a five-month low on Thursday while shares on Wall Street rallied to lead global equities higher as a dovish U.S. Federal Reserve emboldened investors to take on more risk.
RELATED
> India cancels corn import tender, puts off plans to buy more-sources
> French assembly approves extra tax on non-sustainable palm oil
> India has contracted to export 1.3 mln T of sugar - trade body
> Australia's CBH says open to change amid takeover battle
> China's steelmakers warn slower exports and rising output to pressure market-paper
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-20 palm oil export data on March 21.
> Cargo surveyor SGS releases Malaysia's March 1-20 palm oil export data on March 21.
Palm, soy and crude oil prices at 0034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR6 0 +0.00 0 0 0
MY PALM OIL MAY6 0 +0.00 0 0 0
MY PALM OIL JUN6 0 +0.00 0 0 0
CHINA PALM OLEIN SEP6 5356 +102.00 5314 5362 485866
CHINA SOYOIL SEP6 6026 +100.00 5978 6040 401474
CBOT SOY OIL MAY6 33.49 +11.20 33.41 33.53 753
INDIA PALM OIL MAR6 519.10 +11.20 510.00 522 2895
INDIA SOYOIL MAR6 616 +1.65 615 616.3 1050
NYMEX CRUDE APR6 40.11 -0.09 39.96 40.55 2354
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