MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Nov 14
VEGOILS-Market Factors to Watch Nov 14
14/11/2013 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose to a near two-week high on Wednesday on prospects that a deadly typhoon in the Philippines would damage crops and halt exports of competing coconut oil, channelling demand to palm oil-based alternatives.
* U.S. corn futures declined on Wednesday as traders booked profits after a two-week high in the previous session and braced for a possible reduction in the U.S. government's 2014 quota of corn-based ethanol fuel used in gasoline.
* Oil futures on both sides of the Atlantic rose more than $1 per barrel on Wednesday as support from Libyan supply outages offset forecasts for increases in U.S. stockpiles.
MARKET NEWS
* U.S. stocks rose while Treasury yields and the dollar fell on Wednesday on expectations that remarks by Federal Reserve Vice Chair Janet Yellen when she appears on Thursday at the Senate Banking Committee will underscore the Fed's accommodative posture.
* Oil closed higher on Wednesday rebounding from the previous session's loss in reaction to disruptions in exports from Libya, while gold rose to snap a four-day losing streak as investors bought it to hedge against the falling dollar.
RELATED NEWS
> Cracks widen in Indonesia food security policy, soy in focus
> Indonesia's palm oil exports seen at 18.5-19 mln T in 2013 -industry group
> China 2013/14 wheat imports seen at decades high, rice at record-CNGOIC
> Soybeans ease from 6-wk top; corn weak as EPA move awaited
> Lanworth ups US corn harvest outlook, trims soy production view
> Chinese state media kick into high gear to ease GMO food fears
> Asian rice prices stabilise as Thai supplies trickle to market
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Nov. 1-15 palm oil export data on Nov. 15.
Key commodity markets at 2349 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.21 -0.00 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL DEC3 40.96 +0.00 0.00 0.00 0
NYMEX CRUDE DEC3 93.59 -0.29 93.48 93.65 429
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures rose to a near two-week high on Wednesday on prospects that a deadly typhoon in the Philippines would damage crops and halt exports of competing coconut oil, channelling demand to palm oil-based alternatives.
* U.S. corn futures declined on Wednesday as traders booked profits after a two-week high in the previous session and braced for a possible reduction in the U.S. government's 2014 quota of corn-based ethanol fuel used in gasoline.
* Oil futures on both sides of the Atlantic rose more than $1 per barrel on Wednesday as support from Libyan supply outages offset forecasts for increases in U.S. stockpiles.
MARKET NEWS
* U.S. stocks rose while Treasury yields and the dollar fell on Wednesday on expectations that remarks by Federal Reserve Vice Chair Janet Yellen when she appears on Thursday at the Senate Banking Committee will underscore the Fed's accommodative posture.
* Oil closed higher on Wednesday rebounding from the previous session's loss in reaction to disruptions in exports from Libya, while gold rose to snap a four-day losing streak as investors bought it to hedge against the falling dollar.
RELATED NEWS
> Cracks widen in Indonesia food security policy, soy in focus
> Indonesia's palm oil exports seen at 18.5-19 mln T in 2013 -industry group
> China 2013/14 wheat imports seen at decades high, rice at record-CNGOIC
> Soybeans ease from 6-wk top; corn weak as EPA move awaited
> Lanworth ups US corn harvest outlook, trims soy production view
> Chinese state media kick into high gear to ease GMO food fears
> Asian rice prices stabilise as Thai supplies trickle to market
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Nov. 1-15 palm oil export data on Nov. 15.
Key commodity markets at 2349 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.21 -0.00 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL DEC3 40.96 +0.00 0.00 0.00 0
NYMEX CRUDE DEC3 93.59 -0.29 93.48 93.65 429
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel