MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Dec 9
VEGOILS-Market Factors to Watch Dec 9
09/12/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures fell on Thursday to a second consecutive day of losses, tracking weaker-performing rival oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
* U.S. soybean futures dropped 2 percent on Thursday, the steepest decline in 2-1/2 months, on profit-taking tied to lower vegoil prices and extended weather outlooks for rainfall in Argentina, traders and analysts said.
* Oil rebounded from the week's lows to close above $50 a barrel on Thursday, on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.
MARKET NEWS
* Bond yields rose and the euro dipped on Thursday after the European Central Bank said it would prolong its bond purchase program but surprised investors by scaling back on how much it will spend each month. Wall Street stocks closed higher.
RELATED
> Italian bank Intesa to help fund Rosneft deal for Glencore and Qatar - sources
> U.S. renewable fuel credit prices drop after news of Trump's EPA pick
> National Grid picks Macquarie-led group for $7 bn gas grid stake sale
> Russia says 18,000 T of seized wheat passed Egypt's quarantine
> Brazil's export lull sets stage for record soybean shipments -Braun
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
> Cargo surveyor SGS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
Palm, soy and crude oil prices at 0049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6216 -116.00 6198 6306 312722
CHINA SOYOIL MAY7 7078 -80.00 7054 7160 353966
CBOT SOY OIL JAN7 37.26 -14.60 0 0 0
INDIA PALM OIL DEC6 556.20 -14.60 553.70 568.5 2766
INDIA SOYOIL DEC6 723.4 -12.10 723.4 732.2 12770
NYMEX CRUDE JAN7 51.07 +0.23 50.92 51.10 8447
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 fell on Thursday to a second consecutive day of losses, tracking weaker-performing rival oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
* U.S. soybean futures dropped 2 percent on Thursday, the steepest decline in 2-1/2 months, on profit-taking tied to lower vegoil prices and extended weather outlooks for rainfall in Argentina, traders and analysts said.
* Oil rebounded from the week's lows to close above $50 a barrel on Thursday, on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.
MARKET NEWS
* Bond yields rose and the euro dipped on Thursday after the European Central Bank said it would prolong its bond purchase program but surprised investors by scaling back on how much it will spend each month. Wall Street stocks closed higher.
RELATED
> Italian bank Intesa to help fund Rosneft deal for Glencore and Qatar - sources
> U.S. renewable fuel credit prices drop after news of Trump's EPA pick
> National Grid picks Macquarie-led group for $7 bn gas grid stake sale
> Russia says 18,000 T of seized wheat passed Egypt's quarantine
> Brazil's export lull sets stage for record soybean shipments -Braun
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
> Cargo surveyor SGS releases Malaysia's Nov 1-25 palm oil export data on Dec 10.
Palm, soy and crude oil prices at 0049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6216 -116.00 6198 6306 312722
CHINA SOYOIL MAY7 7078 -80.00 7054 7160 353966
CBOT SOY OIL JAN7 37.26 -14.60 0 0 0
INDIA PALM OIL DEC6 556.20 -14.60 553.70 568.5 2766
INDIA SOYOIL DEC6 723.4 -12.10 723.4 732.2 12770
NYMEX CRUDE JAN7 51.07 +0.23 50.92 51.10 8447
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