MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 11
VEGOILS-Market Factors to Watch May 11
11/05/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil prices rose to their highest close in over four weeks on Tuesday as strong demand for the commodity and talks of improving exports data support sentiment.
* U.S. corn futures rose about 2 percent on Wednesday after the U.S. Department of Agriculture's forecast for global inventories at the end of the 2017/18 marketing year fell below trade expectations.
* Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market.
MARKET NEWS
* Oil prices rebounded on Wednesday after the largest one-week drop in U.S. crude inventories this year, helping fuel a modest rise on Wall Street, while European stocks closed near their highest in almost two years.
RELATED
> Australia's GrainCorp H1 profit triples; maintains FY forecast
> Argentina's Rosario exchange raises soy crop estimate
> USDA corn, soy supply view could pressure prices and farmers, traders
> Weaker rouble, restored Turkey trade pressure Russian wheat prices
> Indonesia ministry seeks to extend forest moratorium by two years
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s May 1-15 palm oil export data on May 15.
> Cargo surveyor SGS releases Malaysia’s May 1-15 palm oil export data on May 15.
Palm, soy and crude oil prices at 0116 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 0 +0.00 0 0 0
MY PALM OIL JUN7 0 +0.00 0 0 0
MY PALM OIL JUL7 0 +0.00 0 0 0
CHINA PALM OLEIN SEP7 5318 -50.00 5310 5386 226996
CHINA SOYOIL SEP7 5874 -48.00 5868 5952 237342
CBOT SOY OIL JUL7 32.35 -1.10 32.29 32.48 2089
INDIA PALM OIL MAY7 498.20 -1.10 496.50 500.5 693
INDIA SOYOIL MAY7 624.7 -1.85 621.15 627.15 7260
NYMEX CRUDE JUN7 47.48 +0.15 47.34 47.51 7468
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 prices rose to their highest close in over four weeks on Tuesday as strong demand for the commodity and talks of improving exports data support sentiment.
* U.S. corn futures rose about 2 percent on Wednesday after the U.S. Department of Agriculture's forecast for global inventories at the end of the 2017/18 marketing year fell below trade expectations.
* Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market.
MARKET NEWS
* Oil prices rebounded on Wednesday after the largest one-week drop in U.S. crude inventories this year, helping fuel a modest rise on Wall Street, while European stocks closed near their highest in almost two years.
RELATED
> Australia's GrainCorp H1 profit triples; maintains FY forecast
> Argentina's Rosario exchange raises soy crop estimate
> USDA corn, soy supply view could pressure prices and farmers, traders
> Weaker rouble, restored Turkey trade pressure Russian wheat prices
> Indonesia ministry seeks to extend forest moratorium by two years
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s May 1-15 palm oil export data on May 15.
> Cargo surveyor SGS releases Malaysia’s May 1-15 palm oil export data on May 15.
Palm, soy and crude oil prices at 0116 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 0 +0.00 0 0 0
MY PALM OIL JUN7 0 +0.00 0 0 0
MY PALM OIL JUL7 0 +0.00 0 0 0
CHINA PALM OLEIN SEP7 5318 -50.00 5310 5386 226996
CHINA SOYOIL SEP7 5874 -48.00 5868 5952 237342
CBOT SOY OIL JUL7 32.35 -1.10 32.29 32.48 2089
INDIA PALM OIL MAY7 498.20 -1.10 496.50 500.5 693
INDIA SOYOIL MAY7 624.7 -1.85 621.15 627.15 7260
NYMEX CRUDE JUN7 47.48 +0.15 47.34 47.51 7468
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