MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch July 22(Monday)
VEGOILS/PALM OIL-Market Factors To Watch July 22(Monday)
22/07/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures fell 1.5 percent on Friday, its third weekly drop in four, as worries persisted over slowing export demand and higher output in the second half.
* U.S. oil futures traded above the global crude-market benchmark, North Sea Brent, for the first time since 2010 on Friday as signs of strong demand from U.S. refiners boosted spread trading and bets that the era of the U.S. discount was ending.
MARKET NEWS
* Government debt prices rose and stock markets around the world wavered on Friday when disappointing earnings results from Microsoft and Google gave investors pause after a recent string of gains that lifted major U.S. equity indexes to record levels.
* U.S. soybean meal futures raced to a contract high on Friday and soybeans closed at a 10-month high on strong demand for scarce old-crop supplies of the oilseed. * Commodity markets finished mostly steady to higher on Friday, with rebounding oil, gold and copper prices helping a key sector index notch a third straight week of gains.
RELATED NEWS
> Felda Global to pay $378.8 mln for Malaysian oil palm estates
> Malaysia's July 1-20 palm oil exports down 14 pct -ITS
> Indian soybeans drop over 1 pct on hopes of bumper crop
> Soymeal hits contract high on tight old-crop soy supply
> India wheat futures likely to stay lower next week
> Kenya slashes 2012/13 coffee output, earnings projections
> Thai govt to offer 200,000 tonnes rice in second July tender
> Indonesia opens door to unlimited live cattle imports
> Brazil exports of corn restart
DATA/EVENTS
> Cargo surveyor, Societe Generale de Surveillance, will issue exports data for July 1-20 on Monday. - Reuters
FUNDAMENTALS
* Malaysian palm oil futures fell 1.5 percent on Friday, its third weekly drop in four, as worries persisted over slowing export demand and higher output in the second half.
* U.S. oil futures traded above the global crude-market benchmark, North Sea Brent, for the first time since 2010 on Friday as signs of strong demand from U.S. refiners boosted spread trading and bets that the era of the U.S. discount was ending.
MARKET NEWS
* Government debt prices rose and stock markets around the world wavered on Friday when disappointing earnings results from Microsoft and Google gave investors pause after a recent string of gains that lifted major U.S. equity indexes to record levels.
* U.S. soybean meal futures raced to a contract high on Friday and soybeans closed at a 10-month high on strong demand for scarce old-crop supplies of the oilseed. * Commodity markets finished mostly steady to higher on Friday, with rebounding oil, gold and copper prices helping a key sector index notch a third straight week of gains.
RELATED NEWS
> Felda Global to pay $378.8 mln for Malaysian oil palm estates
> Malaysia's July 1-20 palm oil exports down 14 pct -ITS
> Indian soybeans drop over 1 pct on hopes of bumper crop
> Soymeal hits contract high on tight old-crop soy supply
> India wheat futures likely to stay lower next week
> Kenya slashes 2012/13 coffee output, earnings projections
> Thai govt to offer 200,000 tonnes rice in second July tender
> Indonesia opens door to unlimited live cattle imports
> Brazil exports of corn restart
DATA/EVENTS
> Cargo surveyor, Societe Generale de Surveillance, will issue exports data for July 1-20 on Monday. - Reuters