MARKET DEVELOPMENT
Palm oil/Vegoils: Market Factors To Watch Feb 27 (Thursday)
Palm oil/Vegoils: Market Factors To Watch Feb 27 (Thursday)
27/02/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures rose more than 3 percent on Wednesday, recouping losses sustained in the previous two sessions, on concerns over dry weather hurting production in South-East Asia.
* Soybeans for March delivery SH4 closed up 8-1/4 cents at $14.07-1/4, near the day's highs and at the highest levels since mid-September, supported by rain delays to the harvest in Brazil.
* US oil futures rose on Wednesday after government data showed a surprisingly small build in crude inventories and another large drawdown at the American benchmark's delivery point.
MARKET NEWS
* World stock markets dipped on Wednesday, stung by growing worries over some emerging markets as escalating tensions in Ukraine sent the Russian ruble to a five-year low, while equities on Wall Street ended flat.
* Losses in natural gas dominated the action in commodities for a third straight session on Wednesday, unraveling annual gains racked up earlier by the heating fuel, while gold, silver and wheat prices also showed significant declines.
RELATED
* Malaysia, Singapore grapple with prolonged dry spell
*Accidents spur U.S. to mandate tests of oil moving by train
* Brazil's Abiove stands by soy forecast, unlikely to raise
* Investors wary of commodity gains despite new money
* Soy traders buy protection against price pullback: Maguire
DATA/EVENTS
* Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's February palm oil export data on Feb. 28.
* Bursa Malaysia's Palm and Lauric Oils Conference 2014 (POC 2014) on March 3-5 in Kuala Lumpur.
Soy and crude oil prices at 0004 GMT
Contract Month Last Change Low High Volume
CBOT SOY OIL MAY4 41.46 +0.00 0.00 0.00 0
NYMEX CRUDE APR4 102.34 -0.25 102.27 102.59 843
CBOT soy oil in U.S. cents per pound, crude in US dollars per barre - Reuters
FUNDAMENTALS
* Malaysian palm oil futures rose more than 3 percent on Wednesday, recouping losses sustained in the previous two sessions, on concerns over dry weather hurting production in South-East Asia.
* Soybeans for March delivery SH4 closed up 8-1/4 cents at $14.07-1/4, near the day's highs and at the highest levels since mid-September, supported by rain delays to the harvest in Brazil.
* US oil futures rose on Wednesday after government data showed a surprisingly small build in crude inventories and another large drawdown at the American benchmark's delivery point.
MARKET NEWS
* World stock markets dipped on Wednesday, stung by growing worries over some emerging markets as escalating tensions in Ukraine sent the Russian ruble to a five-year low, while equities on Wall Street ended flat.
* Losses in natural gas dominated the action in commodities for a third straight session on Wednesday, unraveling annual gains racked up earlier by the heating fuel, while gold, silver and wheat prices also showed significant declines.
RELATED
* Malaysia, Singapore grapple with prolonged dry spell
*Accidents spur U.S. to mandate tests of oil moving by train
* Brazil's Abiove stands by soy forecast, unlikely to raise
* Investors wary of commodity gains despite new money
* Soy traders buy protection against price pullback: Maguire
DATA/EVENTS
* Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's February palm oil export data on Feb. 28.
* Bursa Malaysia's Palm and Lauric Oils Conference 2014 (POC 2014) on March 3-5 in Kuala Lumpur.
Soy and crude oil prices at 0004 GMT
Contract Month Last Change Low High Volume
CBOT SOY OIL MAY4 41.46 +0.00 0.00 0.00 0
NYMEX CRUDE APR4 102.34 -0.25 102.27 102.59 843
CBOT soy oil in U.S. cents per pound, crude in US dollars per barre - Reuters