MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch April 5
VEGOILS-Market Factors to Watch April 5
05/04/2017 (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 six-month low on Tuesday, tracking rival soyoil on the Chicago Board of Trade which fell nearly 1 percent overnight, and ahead of the release of official output and export data next week.
* Chicago Board of Trade May soybean futures fell to their lowest level in a year on Tuesday, pressured by expectations for record-large U.S. plantings and a massive South American harvest, analysts said.
* Oil prices on Tuesday rose to a near one-month high, supported by an unplanned production outage in the North Sea and expectations of a drawdown in U.S. crude and product inventories.
MARKET NEWS
* Asian stocks are set for a cautious start on Wednesday as investors move to the sidelines before a potentially tense meeting between Donald Trump and Chinese President Xi Jinping later this week.
RELATED
> ChemChina, Syngenta win U.S. antitrust approval for deal
> Speedy corn plantings in U.S. South could lead to export clash
> Brazil soybean exports hit March record -Anec
> Indian fertiliser companies to raise potash prices after subsidy cut
> After Cyclone Debbie, China replaces Australian coal with U.S. cargoes
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Mar 1-31 palm oil export data on Apr 10.
> Cargo surveyor SGS releases Malaysia’s Mar 1-31 palm oil export data on Apr 10.
Palm, soy and crude oil prices at 0045 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 0 +0.00 0 0 0
CHINA SOYOIL SEP7 0 +0.00 0 0 0
CBOT SOY OIL MAY7 31.44 +1.90 31.39 31.47 809
INDIA PALM OIL APR7 519.40 +1.90 515.50 520.8 799
INDIA SOYOIL APR7 637.1 -1.70 636.25 640 6000
NYMEX CRUDE MAY7 51.19 +0.16 51.11 51.23 4385
FUNDAMENTALS
* Malaysian palm oil futures hit a near six-month low on Tuesday, tracking rival soyoil on the Chicago Board of Trade which fell nearly 1 percent overnight, and ahead of the release of official output and export data next week.
* Chicago Board of Trade May soybean futures fell to their lowest level in a year on Tuesday, pressured by expectations for record-large U.S. plantings and a massive South American harvest, analysts said.
* Oil prices on Tuesday rose to a near one-month high, supported by an unplanned production outage in the North Sea and expectations of a drawdown in U.S. crude and product inventories.
MARKET NEWS
* Asian stocks are set for a cautious start on Wednesday as investors move to the sidelines before a potentially tense meeting between Donald Trump and Chinese President Xi Jinping later this week.
RELATED
> ChemChina, Syngenta win U.S. antitrust approval for deal
> Speedy corn plantings in U.S. South could lead to export clash
> Brazil soybean exports hit March record -Anec
> Indian fertiliser companies to raise potash prices after subsidy cut
> After Cyclone Debbie, China replaces Australian coal with U.S. cargoes
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Mar 1-31 palm oil export data on Apr 10.
> Cargo surveyor SGS releases Malaysia’s Mar 1-31 palm oil export data on Apr 10.
Palm, soy and crude oil prices at 0045 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 0 +0.00 0 0 0
CHINA SOYOIL SEP7 0 +0.00 0 0 0
CBOT SOY OIL MAY7 31.44 +1.90 31.39 31.47 809
INDIA PALM OIL APR7 519.40 +1.90 515.50 520.8 799
INDIA SOYOIL APR7 637.1 -1.70 636.25 640 6000
NYMEX CRUDE MAY7 51.19 +0.16 51.11 51.23 4385