MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 12
VEGOILS-Market Factors to Watch May 12
12/05/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures notched up their biggest daily gain in over a month on Thursday evening, recording a fifth consecutive day of increases and hitting a one-month peak on weaker than forecast output growth.
* U.S. soybean futures hit a 1-1/2-week low on Thursday, pressured by follow-through weakness after Wednesday's poor technical close and some farmer selling, analysts said.
* Oil prices rose for a second day on Thursday, closing more than 1 percent higher as support grew for OPEC output cuts a day after the U.S. government reported a big draw in crude inventories, boosting confidence that a global glut might diminish.
MARKET NEWS
* U.S. and European stocks fell on Thursday, along with the U.S. dollar, while U.S. Treasury yields reversed earlier declines, as political uncertainty in the United States and weak retail sector earnings reports sent investors in search of safer investments like gold and the Japanese yen.
RELATED
> Cash and chemicals: for Laos, Chinese banana boom a blessing and curse
> Conab raises Brazil 2016/17 soybean crop forecast to 113 mln tonnes
> Hong Kong bourse says mainland commodity platform to support futures trading
> OPEC sees more oil supply outside the group, countering its cuts
> Suspected Russia-backed hackers target Baltic energy networks
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 0048 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 5470 +56.00 5450 5510 282380
CHINA SOYOIL SEP7 5958 +34.00 5950 6002 206074
CBOT SOY OIL JUL7 32.49 +5.50 32.45 32.54 389
INDIA PALM OIL MAY7 503.30 +5.50 495.90 504.4 1629
INDIA SOYOIL MAY7 624.25 -0.20 622 626 4380
NYMEX CRUDE JUN7 47.90 +0.07 47.76 47.91 3637
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 notched up their biggest daily gain in over a month on Thursday evening, recording a fifth consecutive day of increases and hitting a one-month peak on weaker than forecast output growth.
* U.S. soybean futures hit a 1-1/2-week low on Thursday, pressured by follow-through weakness after Wednesday's poor technical close and some farmer selling, analysts said.
* Oil prices rose for a second day on Thursday, closing more than 1 percent higher as support grew for OPEC output cuts a day after the U.S. government reported a big draw in crude inventories, boosting confidence that a global glut might diminish.
MARKET NEWS
* U.S. and European stocks fell on Thursday, along with the U.S. dollar, while U.S. Treasury yields reversed earlier declines, as political uncertainty in the United States and weak retail sector earnings reports sent investors in search of safer investments like gold and the Japanese yen.
RELATED
> Cash and chemicals: for Laos, Chinese banana boom a blessing and curse
> Conab raises Brazil 2016/17 soybean crop forecast to 113 mln tonnes
> Hong Kong bourse says mainland commodity platform to support futures trading
> OPEC sees more oil supply outside the group, countering its cuts
> Suspected Russia-backed hackers target Baltic energy networks
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 0048 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 5470 +56.00 5450 5510 282380
CHINA SOYOIL SEP7 5958 +34.00 5950 6002 206074
CBOT SOY OIL JUL7 32.49 +5.50 32.45 32.54 389
INDIA PALM OIL MAY7 503.30 +5.50 495.90 504.4 1629
INDIA SOYOIL MAY7 624.25 -0.20 622 626 4380
NYMEX CRUDE JUN7 47.90 +0.07 47.76 47.91 3637
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