MARKET DEVELOPMENT
Palm oil/Vegoils - Market Factors to watch Dec 18 (Wednesday)
Palm oil/Vegoils - Market Factors to watch Dec 18 (Wednesday)
18/12/2013 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Tuesday as investors booked profits from gains in the morning session, although losses were capped by weakness in the ringgit and worries that another wave of floods would curb supply of the tropical oil.
* U.S. soybean futures rose 0.5 percent on Tuesday, their third straight session of gains, due to higher soymeal, active soymeal exports and stronger cash soymeal markets.
* Brent oil fell by nearly $1 on Tuesday, pressured by the spectre of the U.S.Federal Reserve tapering its monetary stimulus program. U.S. oil also ended lower, but not by as much, tightening the spread between the two benchmarks.
MARKET NEWS
* Asian shares were tentative on Wednesday as investors waited with bated breath to hear when the U.S. Federal Reserve will begin unwinding its massive stimulus, a major driver for global risk assets in recent years.
* Global sugar futures hit 3-1/2 year lows on Tuesday as funds continued to sell against a backdrop of excess supplies and most other agricultural markets fell too, pushing the commodities broadly lower.
RELATED NEWS
> Ukraine grain stocks up 29 pct on year as of Dec. 1
> Soy up for third day on strong cash meal, big meal exports
> COLUMN-Threat of Chinese cancellations looms over US soy marke
> Funds knock raw, white sugar markets to 3-1/2-year lows
> Ghana to fall short of 2013/14 cocoa output target - Ecobank
> El Salvador coffee exports fall 45.2 pct in November
> Dairy prices rise, volumes drop at auction-NZ's Fonterra
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Dec. 1-20 palm oil export data on Dec. 20.
Key commodity markets at 2343 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.247 +0.01 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL JAN4 39.31 +0.00 0.00 0.00 0
NYMEX CRUDE JAN4 97.28 +0.06 97.26 97.35 116
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel
- Reuters
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Tuesday as investors booked profits from gains in the morning session, although losses were capped by weakness in the ringgit and worries that another wave of floods would curb supply of the tropical oil.
* U.S. soybean futures rose 0.5 percent on Tuesday, their third straight session of gains, due to higher soymeal, active soymeal exports and stronger cash soymeal markets.
* Brent oil fell by nearly $1 on Tuesday, pressured by the spectre of the U.S.Federal Reserve tapering its monetary stimulus program. U.S. oil also ended lower, but not by as much, tightening the spread between the two benchmarks.
MARKET NEWS
* Asian shares were tentative on Wednesday as investors waited with bated breath to hear when the U.S. Federal Reserve will begin unwinding its massive stimulus, a major driver for global risk assets in recent years.
* Global sugar futures hit 3-1/2 year lows on Tuesday as funds continued to sell against a backdrop of excess supplies and most other agricultural markets fell too, pushing the commodities broadly lower.
RELATED NEWS
> Ukraine grain stocks up 29 pct on year as of Dec. 1
> Soy up for third day on strong cash meal, big meal exports
> COLUMN-Threat of Chinese cancellations looms over US soy marke
> Funds knock raw, white sugar markets to 3-1/2-year lows
> Ghana to fall short of 2013/14 cocoa output target - Ecobank
> El Salvador coffee exports fall 45.2 pct in November
> Dairy prices rise, volumes drop at auction-NZ's Fonterra
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's Dec. 1-20 palm oil export data on Dec. 20.
Key commodity markets at 2343 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.247 +0.01 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL JAN4 39.31 +0.00 0.00 0.00 0
NYMEX CRUDE JAN4 97.28 +0.06 97.26 97.35 116
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel
- Reuters