MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Mar 22
VEGOILS-Market Factors to Watch Mar 22
22/03/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rebounded on Tuesday from a three-day low to chart their strongest daily gain in a week, tracking stronger soyoil prices and supported by forecasts of weaker output.
* U.S. wheat futures dropped to their lowest level in more than six weeks on Tuesday, their second straight day of declines, as weather forecasts bolstered expectations for strong yields adding to already-abundant supplies in the coming weeks, traders said.
* Oil prices fell on Tuesday, with U.S. crude dropping to its lowest since November, as concerns about new supplies overshadowed the latest talk by OPEC that it was looking to extend output cuts beyond June.
MARKET NEWS
* Asian stocks fell on Wednesday as a sharp pullback in Wall Street on doubts about Donald Trump's economic agenda prompted investors to rush to safe haven assets such as gold and government bonds.
RELATED
> Ex-oil traders seek buyer for Canadian refinery after bet fails
> Brazil's agriculture ministry, police say meat problems not widespread
> China approves fewer GMO crop imports, hampering trade
> Supply glut risk as cocoa expansion plans backfire
> U.S. biofuels credits surge as 2017 RFS volumes take effect
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Mar 1-25 palm oil export data on Mar 25.
> Cargo surveyor SGS releases Malaysia’s Mar 1-25 palm oil export data on Mar 25.
Palm, soy and crude oil prices at 0050 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 SEP7 5654 +32.00 5632 5682 202384
CHINA SOYOIL SEP7 6506 +2.00 6500 6540 139926
CBOT SOY OIL MAY7 33.15 +3.40 33.11 33.2 676
INDIA PALM OIL MAR7 536.70 +3.40 532.00 536.8 1630
INDIA SOYOIL APR7 649 +0.55 643.9 650.9 33930
NYMEX CRUDE MAY7 48.17 -0.07 48.06 48.22 10214
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 rebounded on Tuesday from a three-day low to chart their strongest daily gain in a week, tracking stronger soyoil prices and supported by forecasts of weaker output.
* U.S. wheat futures dropped to their lowest level in more than six weeks on Tuesday, their second straight day of declines, as weather forecasts bolstered expectations for strong yields adding to already-abundant supplies in the coming weeks, traders said.
* Oil prices fell on Tuesday, with U.S. crude dropping to its lowest since November, as concerns about new supplies overshadowed the latest talk by OPEC that it was looking to extend output cuts beyond June.
MARKET NEWS
* Asian stocks fell on Wednesday as a sharp pullback in Wall Street on doubts about Donald Trump's economic agenda prompted investors to rush to safe haven assets such as gold and government bonds.
RELATED
> Ex-oil traders seek buyer for Canadian refinery after bet fails
> Brazil's agriculture ministry, police say meat problems not widespread
> China approves fewer GMO crop imports, hampering trade
> Supply glut risk as cocoa expansion plans backfire
> U.S. biofuels credits surge as 2017 RFS volumes take effect
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Mar 1-25 palm oil export data on Mar 25.
> Cargo surveyor SGS releases Malaysia’s Mar 1-25 palm oil export data on Mar 25.
Palm, soy and crude oil prices at 0050 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 SEP7 5654 +32.00 5632 5682 202384
CHINA SOYOIL SEP7 6506 +2.00 6500 6540 139926
CBOT SOY OIL MAY7 33.15 +3.40 33.11 33.2 676
INDIA PALM OIL MAR7 536.70 +3.40 532.00 536.8 1630
INDIA SOYOIL APR7 649 +0.55 643.9 650.9 33930
NYMEX CRUDE MAY7 48.17 -0.07 48.06 48.22 10214
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