MARKET DEVELOPMENT
VEGOILS/PALM OIL-Market Factors To Watch Aug 16(Friday)
VEGOILS/PALM OIL-Market Factors To Watch Aug 16(Friday)
16/08/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose on Thursday to their highest in more than a month, boosted by strong exports from the world's second-largest producer, as major buyer China stocks up ahead of the Mid-Autumn festival in September.
* U.S. corn futures rallied nearly 4 percent on Thursday and soybeans rose 2 percent to a three-week high as forecasts for hot, dry weather in parts of the Midwest fueled concerns about lower crop yields.
* Oil prices rose on both sides of the Atlantic on Thursday and Brent hit a four-month high on fears that escalating violence in Egypt could affect the Suez Canal or spread across the Middle East, where supplies already face disruptions.
MARKET NEWS
* Global equity markets swooned and bond prices slid on Thursday after slowly improving U.S. jobs data and rising consumer prices added to speculation the Federal Reserve will soon begin to trim its considerable support of the economy and asset prices.
* After beginning lower, most commodities prices reversed course on Thursday when the dollar turned downward, with natural gas, corn, and gold rallying well over 2 percent, silver jumping more than 5 percent and oil hitting a four-month high.
RELATED NEWS
> Malaysia's end-July palm oil stocks inch up 1.0 pct-MPOB
> Malaysia's Aug 1-15 palm oil exports up 18.7 pct -SGS
> Malaysia's Aug 1-15 palm exports up 17.7 pct -ITS
> Portions of US corn and soy crops face threat from dry weather
> Corn surges 4 pct as dry weather fuels short-covering
> India, China target cheaper potash as cartel cracks
> Crippling debts and bankruptcies brew Vietnam coffee crisis
> ICE arabica coffee and raw sugar ease on Brazilian real drop
> USDA initiates surplus sugar-for-ethanol program
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Gene
FUNDAMENTALS
* Malaysian palm oil futures rose on Thursday to their highest in more than a month, boosted by strong exports from the world's second-largest producer, as major buyer China stocks up ahead of the Mid-Autumn festival in September.
* U.S. corn futures rallied nearly 4 percent on Thursday and soybeans rose 2 percent to a three-week high as forecasts for hot, dry weather in parts of the Midwest fueled concerns about lower crop yields.
* Oil prices rose on both sides of the Atlantic on Thursday and Brent hit a four-month high on fears that escalating violence in Egypt could affect the Suez Canal or spread across the Middle East, where supplies already face disruptions.
MARKET NEWS
* Global equity markets swooned and bond prices slid on Thursday after slowly improving U.S. jobs data and rising consumer prices added to speculation the Federal Reserve will soon begin to trim its considerable support of the economy and asset prices.
* After beginning lower, most commodities prices reversed course on Thursday when the dollar turned downward, with natural gas, corn, and gold rallying well over 2 percent, silver jumping more than 5 percent and oil hitting a four-month high.
RELATED NEWS
> Malaysia's end-July palm oil stocks inch up 1.0 pct-MPOB
> Malaysia's Aug 1-15 palm oil exports up 18.7 pct -SGS
> Malaysia's Aug 1-15 palm exports up 17.7 pct -ITS
> Portions of US corn and soy crops face threat from dry weather
> Corn surges 4 pct as dry weather fuels short-covering
> India, China target cheaper potash as cartel cracks
> Crippling debts and bankruptcies brew Vietnam coffee crisis
> ICE arabica coffee and raw sugar ease on Brazilian real drop
> USDA initiates surplus sugar-for-ethanol program
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Gene