MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Feb 24
VEGOILS-Market Factors to Watch Feb 24
24/02/2017 (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, charting a fifth session of losses in six and hitting their lowest in nearly four months as concerns persisted over rising production and weak exports.
* U.S. soybean futures fell to a six-week low on Thursday on expectations for a big South American harvest and an expansion in U.S. plantings this spring, analysts said.
* Oil prices rose on Thursday but gains were pared after U.S. government data showed a seventh straight build in crude stocks, suggesting high inventories could undermine OPEC's move to cut output.
MARKET NEWS
* Stock prices climbed to record highs worldwide for a third straight session on Thursday, propelled by an oil rally after a surprise drop in U.S. crude inventories and comments from U.S. President Donald Trump and his Treasury chief on plans for job creation and tax reform.
RELATED
> U.S. corn delays open door for China sales to Asia
> U.S. beef exports to China, GMO approval key -ambassador nominee
> Iran says oil prices over $55 per barrel harmful for OPEC - Fars
> London Metal Exchange cuts deal with banks to propel gold futures
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
> Cargo surveyor SGS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
Palm, soy and crude oil prices at 0120 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
MY PALM OIL MAY7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 5754 -90.00 5730 5808 222662
CHINA SOYOIL MAY7 6546 -70.00 6518 6604 158858
CBOT SOY OIL MAY7 32.66 -6.90 32.6 32.68 1041
INDIA PALM OIL FEB7 541.70 -6.90 539.70 546.5 1804
INDIA SOYOIL MAR7 651.5 -3.30 648.5 655.55 42350
NYMEX CRUDE APR7 54.35 -0.10 54.29 54.39 3136
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, charting a fifth session of losses in six and hitting their lowest in nearly four months as concerns persisted over rising production and weak exports.
* U.S. soybean futures fell to a six-week low on Thursday on expectations for a big South American harvest and an expansion in U.S. plantings this spring, analysts said.
* Oil prices rose on Thursday but gains were pared after U.S. government data showed a seventh straight build in crude stocks, suggesting high inventories could undermine OPEC's move to cut output.
MARKET NEWS
* Stock prices climbed to record highs worldwide for a third straight session on Thursday, propelled by an oil rally after a surprise drop in U.S. crude inventories and comments from U.S. President Donald Trump and his Treasury chief on plans for job creation and tax reform.
RELATED
> U.S. corn delays open door for China sales to Asia
> U.S. beef exports to China, GMO approval key -ambassador nominee
> Iran says oil prices over $55 per barrel harmful for OPEC - Fars
> London Metal Exchange cuts deal with banks to propel gold futures
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
> Cargo surveyor SGS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
Palm, soy and crude oil prices at 0120 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
MY PALM OIL MAY7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 5754 -90.00 5730 5808 222662
CHINA SOYOIL MAY7 6546 -70.00 6518 6604 158858
CBOT SOY OIL MAY7 32.66 -6.90 32.6 32.68 1041
INDIA PALM OIL FEB7 541.70 -6.90 539.70 546.5 1804
INDIA SOYOIL MAR7 651.5 -3.30 648.5 655.55 42350
NYMEX CRUDE APR7 54.35 -0.10 54.29 54.39 3136
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