MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch July 27
VEGOILS-Market Factors to Watch July 27
27/07/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures recovered from early session losses to hit a two-month high on Wednesday evening as it tracked gains in rival oilseed soy on the Chicago Board of Trade (CBOT).
* U.S. wheat futures firmed on Wednesday, with MGEX spring wheat contracts posting the biggest gains as results from a crop tour confirmed that drought in the northern Plains severely crimped harvest potential in that key growing region.
* Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures above $50 a barrel, as a much steeper than expected decline in U.S. inventories encouraged hopes the global crude glut would recede.
MARKET NEWS
* The dollar touched its lowest in more than a year and U.S. Treasury prices rose on Wednesday after the Federal Reserve left interest rates unchanged and signaled it could begin to cut its massive bond portfolio in the coming months.
RELATED
> European vegoils-Palm oil eases on ringgit, rising output outlook
> Romania urges EU to end "double standards" in food labelling
> COLUMN-Above-trend U.S. soybean crop still in the cards –Braun
> Noble shrinks, sells part of business to Mercuria as it faces huge quarterly loss
> Indonesia closer to mining deal with Freeport, but hurdles remain
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 31.
> Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 31.
Palm, soy and crude oil prices at 0034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG7 0 +0.00 0 0 0
MY PALM OIL SEP7 0 +0.00 0 0 0
MY PALM OIL OCT7 0 +0.00 0 0 0
CHINA PALM OLEIN JAN8 5394 +20.00 5360 5406 203120
CHINA SOYOIL SEP7 6114 -12.00 6080 6120 83840
CBOT SOY OIL DEC7 34.31 +0.90 34.23 34.34 2122
INDIA PALM OIL JUL7 486.00 +0.90 482.70 487.5 1756
INDIA SOYOIL AUG7 643.7 +1.30 640.55 645.25 24270
NYMEX CRUDE SEP7 48.64 -0.11 48.62 48.71 3461
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 recovered from early session losses to hit a two-month high on Wednesday evening as it tracked gains in rival oilseed soy on the Chicago Board of Trade (CBOT).
* U.S. wheat futures firmed on Wednesday, with MGEX spring wheat contracts posting the biggest gains as results from a crop tour confirmed that drought in the northern Plains severely crimped harvest potential in that key growing region.
* Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures above $50 a barrel, as a much steeper than expected decline in U.S. inventories encouraged hopes the global crude glut would recede.
MARKET NEWS
* The dollar touched its lowest in more than a year and U.S. Treasury prices rose on Wednesday after the Federal Reserve left interest rates unchanged and signaled it could begin to cut its massive bond portfolio in the coming months.
RELATED
> European vegoils-Palm oil eases on ringgit, rising output outlook
> Romania urges EU to end "double standards" in food labelling
> COLUMN-Above-trend U.S. soybean crop still in the cards –Braun
> Noble shrinks, sells part of business to Mercuria as it faces huge quarterly loss
> Indonesia closer to mining deal with Freeport, but hurdles remain
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 31.
> Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 31.
Palm, soy and crude oil prices at 0034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG7 0 +0.00 0 0 0
MY PALM OIL SEP7 0 +0.00 0 0 0
MY PALM OIL OCT7 0 +0.00 0 0 0
CHINA PALM OLEIN JAN8 5394 +20.00 5360 5406 203120
CHINA SOYOIL SEP7 6114 -12.00 6080 6120 83840
CBOT SOY OIL DEC7 34.31 +0.90 34.23 34.34 2122
INDIA PALM OIL JUL7 486.00 +0.90 482.70 487.5 1756
INDIA SOYOIL AUG7 643.7 +1.30 640.55 645.25 24270
NYMEX CRUDE SEP7 48.64 -0.11 48.62 48.71 3461
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