MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch Feb 12 (Wednesday)
Palm Oil/Vegoils: Market Factors to Watch Feb 12 (Wednesday)
12/02/2014 (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, falling for the first time in five sessions as a bout of profit-taking weighed, with prices further pressured by the end of a rally in overseas soy markets.
* US corn futures eased on Tuesday, weighed down by weakness in the cash market and an ample supply cushion, traders said.
* Brent oil rose slightly on Tuesday supported by demand for US heating oil and gasoline, which gained on expectations that persistent cold weather in the US will lead to another large draw in distillates.
MARKET NEWS
* Asian shares rallied for a fourth straight session on Wednesday as risk appetites were whetted by an optimistic economic outlook from Federal Reserve Chair Janet Yellen, which diminished the need for safe havens such as the yen and bonds.
* Natural gas futures jumped more than 5% on Tuesday on cold weather forecasts in the US and gold hit a three-month high on incoming Federal Reserve Chair Janet Yellen's pledge to not accelerate the winding down of the US stimulus.
RELATED
* POLL-Palm oil prices to rise 14 pct in 2014 on demand from biofuel sector
* Brazil gov't trims soy forecast, weather not yet a factor
* Australia revises up 2013/14 wheat crop to above 27 mln tonnes
* Plentiful supplies weigh on corn; wheat, soy firm
* Sugar demand growth to exceed population expansion to 2023-Ecom
* Emerging market turmoil keeps pressure on commodity ETPs-BlackRock
DATA/EVENTS
Cargo surveyors Intertek Testing Services will release Malaysia's Feb 1-15 palm oil export data on Feb15. Another cargo surveyor Societe Generale de Surveillance to release data for the same period on Feb 17 - Reuters.
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Tuesday, falling for the first time in five sessions as a bout of profit-taking weighed, with prices further pressured by the end of a rally in overseas soy markets.
* US corn futures eased on Tuesday, weighed down by weakness in the cash market and an ample supply cushion, traders said.
* Brent oil rose slightly on Tuesday supported by demand for US heating oil and gasoline, which gained on expectations that persistent cold weather in the US will lead to another large draw in distillates.
MARKET NEWS
* Asian shares rallied for a fourth straight session on Wednesday as risk appetites were whetted by an optimistic economic outlook from Federal Reserve Chair Janet Yellen, which diminished the need for safe havens such as the yen and bonds.
* Natural gas futures jumped more than 5% on Tuesday on cold weather forecasts in the US and gold hit a three-month high on incoming Federal Reserve Chair Janet Yellen's pledge to not accelerate the winding down of the US stimulus.
RELATED
* POLL-Palm oil prices to rise 14 pct in 2014 on demand from biofuel sector
* Brazil gov't trims soy forecast, weather not yet a factor
* Australia revises up 2013/14 wheat crop to above 27 mln tonnes
* Plentiful supplies weigh on corn; wheat, soy firm
* Sugar demand growth to exceed population expansion to 2023-Ecom
* Emerging market turmoil keeps pressure on commodity ETPs-BlackRock
DATA/EVENTS
Cargo surveyors Intertek Testing Services will release Malaysia's Feb 1-15 palm oil export data on Feb15. Another cargo surveyor Societe Generale de Surveillance to release data for the same period on Feb 17 - Reuters.