MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Mar 17
VEGOILS-Market Factors to Watch Mar 17
17/03/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose on Thursday evening, driven by improving exports and lowered production forecasts and despite a strengthening ringgit MYR=, which typically weighs on prices.
* U.S. corn futures on Thursday climbed on better-than-expected weekly export sales data and bargain buying after the May contract hit a two-month low this week, analysts said.
* Oil prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a global supply glut.
MARKET NEWS
* The dollar sank to a five-week low on Thursday while U.S. bond yields rose as investors digested the recent U.S. interest rate increase and indications there would be no pick-up in the pace of monetary tightening.
RELATED
> U.S. lawmakers press Trump to deny calls to overhaul biofuels program
> Argentine soy and corn benefiting from good weather -exchange
> GASC buys 30,000 tonnes of soybean oil, 74,500 tonnes of sunflower oil
> Agriculture leaders slam Trump's USDA budget cut proposal
> EU 2016/17 soybean imports down 4 pct, palm oil down 19 pct
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Mar 1-20 palm oil export data on Mar 20.
> Cargo surveyor SGS releases Malaysia’s Mar 1-20 palm oil export data on Mar 20.
Palm, soy and crude oil prices at 0049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 0 +0.00 0 0 0
MY PALM OIL MAY7 0 +0.00 0 0 0
MY PALM OIL JUN7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 5890 -2.00 5890 5948 128302
CHINA SOYOIL MAY7 6332 -8.00 6324 6362 90298
CBOT SOY OIL MAY7 32.26 +1.80 32.26 32.4 865
INDIA PALM OIL MAR7 530.40 +1.80 528.20 535 2199
INDIA SOYOIL MAR7 655 +2.15 652 656 1890
NYMEX CRUDE APR7 48.85 +0.10 48.70 48.87 2310
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 rose on Thursday evening, driven by improving exports and lowered production forecasts and despite a strengthening ringgit MYR=, which typically weighs on prices.
* U.S. corn futures on Thursday climbed on better-than-expected weekly export sales data and bargain buying after the May contract hit a two-month low this week, analysts said.
* Oil prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a global supply glut.
MARKET NEWS
* The dollar sank to a five-week low on Thursday while U.S. bond yields rose as investors digested the recent U.S. interest rate increase and indications there would be no pick-up in the pace of monetary tightening.
RELATED
> U.S. lawmakers press Trump to deny calls to overhaul biofuels program
> Argentine soy and corn benefiting from good weather -exchange
> GASC buys 30,000 tonnes of soybean oil, 74,500 tonnes of sunflower oil
> Agriculture leaders slam Trump's USDA budget cut proposal
> EU 2016/17 soybean imports down 4 pct, palm oil down 19 pct
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Mar 1-20 palm oil export data on Mar 20.
> Cargo surveyor SGS releases Malaysia’s Mar 1-20 palm oil export data on Mar 20.
Palm, soy and crude oil prices at 0049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 0 +0.00 0 0 0
MY PALM OIL MAY7 0 +0.00 0 0 0
MY PALM OIL JUN7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 5890 -2.00 5890 5948 128302
CHINA SOYOIL MAY7 6332 -8.00 6324 6362 90298
CBOT SOY OIL MAY7 32.26 +1.80 32.26 32.4 865
INDIA PALM OIL MAR7 530.40 +1.80 528.20 535 2199
INDIA SOYOIL MAR7 655 +2.15 652 656 1890
NYMEX CRUDE APR7 48.85 +0.10 48.70 48.87 2310
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