MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Feb 15
VEGOILS-Market Factors to Watch Feb 15
15/02/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures came off near three-month lows to trade higher on Tuesday evening on concerns about a decline in February production, traders say.
* U.S. soybean futures fell to a six-day low on Tuesday, pressured by the rapidly advancing harvest of a record crop in Brazil and much-needed rains in Argentina.
* Oil prices pared gains after the settlement Tuesday, as evidence of surging U.S. crude oil stockpiles underscored concerns that shale production might limit the effectiveness of an OPEC-led effort to cut global output.
MARKET NEWS
* Asian stocks rose early on Wednesday as Wall Street set record highs overnight after Federal Reserve Chair Janet Yellen spoke in support of an interest rate hike next month, while the dollar hovered near three-week highs.
RELATED
> I.Coast exporters ask cocoa regulator to reveal scale of defaults
> Money managers back away from soybeans despite rally -Braun
> EU gets wake-up call as Gazprom eyes rival TAP pipeline
> Cairn Energy emerges as frontrunner for DONG Energy's oil, gas assets
> China steps up Russian oil imports as teapots buy Urals crude
> Freeport cuts output at key Indonesia copper mine
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-15 palm oil export data on Feb 15.
> Cargo surveyor SGS releases Malaysia’s Feb 1-15 palm oil export data on Feb 15.
Palm, soy and crude oil prices at 0050 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB7 0 +0.00 0 0 0
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6076 -62.00 6060 6136 308736
CHINA SOYOIL MAY7 6828 -44.00 6812 6882 203836
CBOT SOY OIL MAR7 34.14 -6.50 0 0 0
INDIA PALM OIL FEB7 564.50 -6.50 563.30 572.4 2112
INDIA SOYOIL FEB7 687.6 -9.35 687.6 696.9 10860
NYMEX CRUDE MAR7 53.07 -0.13 52.97 53.10 3056
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 came off near three-month lows to trade higher on Tuesday evening on concerns about a decline in February production, traders say.
* U.S. soybean futures fell to a six-day low on Tuesday, pressured by the rapidly advancing harvest of a record crop in Brazil and much-needed rains in Argentina.
* Oil prices pared gains after the settlement Tuesday, as evidence of surging U.S. crude oil stockpiles underscored concerns that shale production might limit the effectiveness of an OPEC-led effort to cut global output.
MARKET NEWS
* Asian stocks rose early on Wednesday as Wall Street set record highs overnight after Federal Reserve Chair Janet Yellen spoke in support of an interest rate hike next month, while the dollar hovered near three-week highs.
RELATED
> I.Coast exporters ask cocoa regulator to reveal scale of defaults
> Money managers back away from soybeans despite rally -Braun
> EU gets wake-up call as Gazprom eyes rival TAP pipeline
> Cairn Energy emerges as frontrunner for DONG Energy's oil, gas assets
> China steps up Russian oil imports as teapots buy Urals crude
> Freeport cuts output at key Indonesia copper mine
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-15 palm oil export data on Feb 15.
> Cargo surveyor SGS releases Malaysia’s Feb 1-15 palm oil export data on Feb 15.
Palm, soy and crude oil prices at 0050 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB7 0 +0.00 0 0 0
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6076 -62.00 6060 6136 308736
CHINA SOYOIL MAY7 6828 -44.00 6812 6882 203836
CBOT SOY OIL MAR7 34.14 -6.50 0 0 0
INDIA PALM OIL FEB7 564.50 -6.50 563.30 572.4 2112
INDIA SOYOIL FEB7 687.6 -9.35 687.6 696.9 10860
NYMEX CRUDE MAR7 53.07 -0.13 52.97 53.10 3056
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