MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Oct 04
VEGOILS-Market Factors to Watch Oct 04
04/10/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rebounded during the afternoon session on Friday as a weaker ringgit aided demand while traders cover their position ahead of a long weekend.
* U.S. corn futures edged lower on Tuesday, though prices lingered near more than a two-month high touched in the previous session, as harvest delays underpinned prices, already supported by lower-than-expected U.S. inventories.
* Oil prices dipped early on Tuesday, weighed down by a rise in Iranian exports that adds to a global supply overhang, although a planned OPEC-led supply cut later this year has lent crude some support.
MARKET NEWS
* Asian shares wobbled on Tuesday after fading hopes for a reduced Deutsche Bank fine and rising expectations of a U.S. interest rate hike pressured Wall Street.
RELATED
> Argentina delays soy export tax cut to 2018 amid budget shortfall
> Heavy Ivory Coast rain boosts cocoa crop, but raises concerns
> Bunge seen as sole buyer of ICE October raw sugar contracts
> Mexico's Pemex issues $4 bln in bonds, makes debt swap
> U.S. helped clinch Iraq oil deal to keep Mosul battle on track
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Oct 1-10 palm oil export data on Oct 10
> Cargo surveyor SGS releases Malaysia's Oct 1-10 palm oil export data on Oct 10.
Palm, soy and crude oil prices at 0122 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT6 0 +0.00 0 0 0
MY PALM OIL NOV6 0 +0.00 0 0 0
MY PALM OIL DEC6 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 0 +0.00 0 0 0
CHINA SOYOIL JAN7 0 +0.00 0 0 0
CBOT SOY OIL DEC6 33.18 -5.50 33.17 33.3 598
INDIA PALM OIL OCT6 534.60 -5.50 532.20 542.4 2550
INDIA SOYOIL OCT6 651.7 -4.00 649.2 656.5 26370
NYMEX CRUDE NOV6 48.44 -0.37 48.38 48.94 8022
FUNDAMENTALS
* Malaysian palm oil futures rebounded during the afternoon session on Friday as a weaker ringgit aided demand while traders cover their position ahead of a long weekend.
* U.S. corn futures edged lower on Tuesday, though prices lingered near more than a two-month high touched in the previous session, as harvest delays underpinned prices, already supported by lower-than-expected U.S. inventories.
* Oil prices dipped early on Tuesday, weighed down by a rise in Iranian exports that adds to a global supply overhang, although a planned OPEC-led supply cut later this year has lent crude some support.
MARKET NEWS
* Asian shares wobbled on Tuesday after fading hopes for a reduced Deutsche Bank fine and rising expectations of a U.S. interest rate hike pressured Wall Street.
RELATED
> Argentina delays soy export tax cut to 2018 amid budget shortfall
> Heavy Ivory Coast rain boosts cocoa crop, but raises concerns
> Bunge seen as sole buyer of ICE October raw sugar contracts
> Mexico's Pemex issues $4 bln in bonds, makes debt swap
> U.S. helped clinch Iraq oil deal to keep Mosul battle on track
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Oct 1-10 palm oil export data on Oct 10
> Cargo surveyor SGS releases Malaysia's Oct 1-10 palm oil export data on Oct 10.
Palm, soy and crude oil prices at 0122 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT6 0 +0.00 0 0 0
MY PALM OIL NOV6 0 +0.00 0 0 0
MY PALM OIL DEC6 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 0 +0.00 0 0 0
CHINA SOYOIL JAN7 0 +0.00 0 0 0
CBOT SOY OIL DEC6 33.18 -5.50 33.17 33.3 598
INDIA PALM OIL OCT6 534.60 -5.50 532.20 542.4 2550
INDIA SOYOIL OCT6 651.7 -4.00 649.2 656.5 26370
NYMEX CRUDE NOV6 48.44 -0.37 48.38 48.94 8022