MARKET DEVELOPMENT
VEGOILS-Market Factors To Watch Mar 23
VEGOILS-Market Factors To Watch Mar 23
23/03/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures hit a near two-week high on Wednesday, marking a second straight day of gains amid an uncertain production outlook and forecasts for a soyoil rally.
* U.S. soybean futures weakened on Wednesday, with prospects for bumper harvests in South America and record U.S. plantings weighing on the beaten-down market, traders said.
* Oil prices slipped on Wednesday to their lowest since late November, with Brent testing the $50 per barrel support, after data showed record high U.S. crude inventories rising faster than expected, raising doubts over the viability of OPEC-led output cuts.
MARKET NEWS
* U.S. shares recovered from five-week lows on Wednesday following a downturn on concerns over potential delays to President Donald Trump's pro-growth policies, while European shares ended lower and safe-haven gold, U.S. Treasuries, and the yen rallied on those worries.
RELATED
> Chinese supermarkets pull Brazil meat from shelves as food safety fears grow
> Egypt to keep higher wheat moisture limit till November -French exporters
> Ivory Coast says has used "a large part" of cocoa stabilisation funds
> China's Sinopec buys first major refinery in Africa from Chevron
> Shell gets access to oil hub in Panama -sources
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 0043 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 5606 -48.00 5588 5670 239788
CHINA SOYOIL SEP7 6442 -68.00 6410 6498 214662
CBOT SOY OIL MAY7 33.44 -1.70 33.42 33.55 1692
INDIA PALM OIL MAR7 534.20 -1.70 531.30 538.7 1150
INDIA SOYOIL APR7 646.8 -1.75 646.8 654.3 46870
NYMEX CRUDE MAY7 48.42 +0.38 48.12 48.44 8991
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 hit a near two-week high on Wednesday, marking a second straight day of gains amid an uncertain production outlook and forecasts for a soyoil rally.
* U.S. soybean futures weakened on Wednesday, with prospects for bumper harvests in South America and record U.S. plantings weighing on the beaten-down market, traders said.
* Oil prices slipped on Wednesday to their lowest since late November, with Brent testing the $50 per barrel support, after data showed record high U.S. crude inventories rising faster than expected, raising doubts over the viability of OPEC-led output cuts.
MARKET NEWS
* U.S. shares recovered from five-week lows on Wednesday following a downturn on concerns over potential delays to President Donald Trump's pro-growth policies, while European shares ended lower and safe-haven gold, U.S. Treasuries, and the yen rallied on those worries.
RELATED
> Chinese supermarkets pull Brazil meat from shelves as food safety fears grow
> Egypt to keep higher wheat moisture limit till November -French exporters
> Ivory Coast says has used "a large part" of cocoa stabilisation funds
> China's Sinopec buys first major refinery in Africa from Chevron
> Shell gets access to oil hub in Panama -sources
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 0043 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 5606 -48.00 5588 5670 239788
CHINA SOYOIL SEP7 6442 -68.00 6410 6498 214662
CBOT SOY OIL MAY7 33.44 -1.70 33.42 33.55 1692
INDIA PALM OIL MAR7 534.20 -1.70 531.30 538.7 1150
INDIA SOYOIL APR7 646.8 -1.75 646.8 654.3 46870
NYMEX CRUDE MAY7 48.42 +0.38 48.12 48.44 8991
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