MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Jan 13
VEGOILS-Market Factors to Watch Jan 13
13/01/2017 (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 evening, weighed down by a stronger ringgit MYR= and a weaker performance by rival oilseed soy.
* U.S. soybean futures hit a 3-1/2 week high on Thursday after the U.S. Department of Agriculture cut its estimate of the 2016 soy harvest and lowered its forecast of domestic inventories, analysts said.
* Oil prices rose more than 1 percent on Thursday on news that key crude exporters, including Saudi Arabia and Russia, were cutting production to reduce a global crude glut, and on forecasts of record demand in China.
MARKET NEWS
* Wall Street stocks fell and the U.S. dollar dropped to a five-week low on Thursday after President-elect Donald Trump, in his eagerly-awaited news briefing the previous day, failed to provide details on fiscal policies that were expected to bolster the economy.
RELATED
> Rains delay corn planting in some areas of Argentina -exchange
> U.S. farmers cut winter wheat acreage to 108-year low on supply glut
> USDA trims forecast for 2016/17 domestic sugar supplies
> Dry weather speeds up soybean harvest in Brazil
> U.S. weather forecaster sees La Niña fading by February
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Jan 1-15 palm oil export data on Jan 16.
> Cargo surveyor SGS releases Malaysia's Jan 1-15 palm oil export data on Jan 16.
Palm, soy and crude oil prices at 0006 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
MY PALM OIL MAR7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6250 -14.00 6240 6282 161022
CHINA SOYOIL MAY7 6908 -28.00 6896 6942 104382
CBOT SOY OIL MAR7 36.07 -1.70 0 0 0
INDIA PALM OIL JAN7 587.10 -1.70 587.00 590 722
INDIA SOYOIL JAN7 728 +1.75 725.5 730.75 8460
NYMEX CRUDE FEB7 52.97 -0.04 52.96 53.08 1637
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 evening, weighed down by a stronger ringgit MYR= and a weaker performance by rival oilseed soy.
* U.S. soybean futures hit a 3-1/2 week high on Thursday after the U.S. Department of Agriculture cut its estimate of the 2016 soy harvest and lowered its forecast of domestic inventories, analysts said.
* Oil prices rose more than 1 percent on Thursday on news that key crude exporters, including Saudi Arabia and Russia, were cutting production to reduce a global crude glut, and on forecasts of record demand in China.
MARKET NEWS
* Wall Street stocks fell and the U.S. dollar dropped to a five-week low on Thursday after President-elect Donald Trump, in his eagerly-awaited news briefing the previous day, failed to provide details on fiscal policies that were expected to bolster the economy.
RELATED
> Rains delay corn planting in some areas of Argentina -exchange
> U.S. farmers cut winter wheat acreage to 108-year low on supply glut
> USDA trims forecast for 2016/17 domestic sugar supplies
> Dry weather speeds up soybean harvest in Brazil
> U.S. weather forecaster sees La Niña fading by February
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Jan 1-15 palm oil export data on Jan 16.
> Cargo surveyor SGS releases Malaysia's Jan 1-15 palm oil export data on Jan 16.
Palm, soy and crude oil prices at 0006 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
MY PALM OIL MAR7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6250 -14.00 6240 6282 161022
CHINA SOYOIL MAY7 6908 -28.00 6896 6942 104382
CBOT SOY OIL MAR7 36.07 -1.70 0 0 0
INDIA PALM OIL JAN7 587.10 -1.70 587.00 590 722
INDIA SOYOIL JAN7 728 +1.75 725.5 730.75 8460
NYMEX CRUDE FEB7 52.97 -0.04 52.96 53.08 1637
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