MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Aug 12
VEGOILS-Market Factors to Watch Aug 12
12/08/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures snapped a three-day rally on Thursday evening, falling from a near two-month high reached in the previous session and tracking weaker rival oils.
* U.S. soybeans firmed on Thursday on signs of resurgent export demand but corn drifted lower in subdued trade as the market awaited key monthly reports due Friday from the U.S. Department of Agriculture.
* Oil prices jumped the most in a month, rising more than 4 percent on Thursday, after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the International Energy Agency forecast crude markets would tighten in the second half of 2016.
MARKET NEWS
* Stocks in the United States and Europe raced higher on Thursday helped by encouraging corporate reports and a 4 percent surge in oil prices on comments from the Saudi oil minister and a forecast for a tighter crude market.
RELATED
> Rainy summer weather causing misery for EU wheat farmers
> EU regulators to investigate Dow, DuPont $130 bln merger
> Saudi Arabia issues tender to buy 600,000 tonnes hard wheat
> Malaysia palm oil producers to hunt for new markets
> IEA sees oil markets slowly tightening after months of oversupply
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Aug 1-15 palm oil export data on Aug 15.
> Cargo surveyor SGS releases Malaysia's Aug 1-15 palm oil export data on Aug 15.
Palm, soy and crude oil prices at 0040 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG6 0 +0.00 0 0 0
MY PALM OIL SEP6 0 +0.00 0 0 0
MY PALM OIL OCT6 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 5254 -34.00 5230 5264 254688
CHINA SOYOIL JAN7 6170 -34.00 6140 6170 170662
CBOT SOY OIL DEC6 32.25 -4.60 32.17 32.29 692
INDIA PALM OIL AUG6 538.50 -4.60 530.40 545.7 3073
INDIA SOYOIL AUG6 633.5 -3.15 632 637 12680
NYMEX CRUDE SEP6 43.75 +0.26 43.42 43.77 7339
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 snapped a three-day rally on Thursday evening, falling from a near two-month high reached in the previous session and tracking weaker rival oils.
* U.S. soybeans firmed on Thursday on signs of resurgent export demand but corn drifted lower in subdued trade as the market awaited key monthly reports due Friday from the U.S. Department of Agriculture.
* Oil prices jumped the most in a month, rising more than 4 percent on Thursday, after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the International Energy Agency forecast crude markets would tighten in the second half of 2016.
MARKET NEWS
* Stocks in the United States and Europe raced higher on Thursday helped by encouraging corporate reports and a 4 percent surge in oil prices on comments from the Saudi oil minister and a forecast for a tighter crude market.
RELATED
> Rainy summer weather causing misery for EU wheat farmers
> EU regulators to investigate Dow, DuPont $130 bln merger
> Saudi Arabia issues tender to buy 600,000 tonnes hard wheat
> Malaysia palm oil producers to hunt for new markets
> IEA sees oil markets slowly tightening after months of oversupply
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Aug 1-15 palm oil export data on Aug 15.
> Cargo surveyor SGS releases Malaysia's Aug 1-15 palm oil export data on Aug 15.
Palm, soy and crude oil prices at 0040 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG6 0 +0.00 0 0 0
MY PALM OIL SEP6 0 +0.00 0 0 0
MY PALM OIL OCT6 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 5254 -34.00 5230 5264 254688
CHINA SOYOIL JAN7 6170 -34.00 6140 6170 170662
CBOT SOY OIL DEC6 32.25 -4.60 32.17 32.29 692
INDIA PALM OIL AUG6 538.50 -4.60 530.40 545.7 3073
INDIA SOYOIL AUG6 633.5 -3.15 632 637 12680
NYMEX CRUDE SEP6 43.75 +0.26 43.42 43.77 7339
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