MARKET DEVELOPMENT
Palm Oil Market Factors to Watch March 7 (Friday)
Palm Oil Market Factors to Watch March 7 (Friday)
07/03/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
Malaysian palm oil futures rallied to end at a 17-month high on Thursday, following a recovery in China and U.S. soy markets, while unfavourable crop weather in South-East Asia continued to underpin prices.
Chicago Board of Trade corn prices rose to a six-month high on Thursday as stronger-than-expected weekly US export sales data underscored renewed demand for the grain, traders said.
US oil rose on Thursday after falling to near three-week lows as traders reconsidered the geopolitical risk posed by worsening diplomatic relations over Russia's intervention in Crimea.
MARKET NEW
World share markets rose on Thursday, supported by hopes that diplomatic efforts would cool the crisis in Ukraine, while the euro advanced to its highest level of the year after the European Central Bank signalled the euro zone needed no additional stimulus.
Gold rose 1% on Thursday, nearing four-month highs hit earlier in the week, as the dollar tumbled against the euro and oil, copper and corn climbed too, pushing commodities broadly higher.
RELATED
> Malaysia Feb palm stocks seen at 5-month low, dry weather hits output
> World food prices jump in February-UN's FAO
> Ukraine crisis could affect March food prices March-FAO
> India's Feb soymeal exports drop, high prices dent demand
> Brazil soybean farmers slow sales to gauge weather losses
> Strong US soybean exports should cut stockpile outlook
> Argentine soy crop estimate raised to 54.5 million tonnes
DATA/EVENTS
Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on Malaysia's end-February palm oil stocks, exports and production on March 10.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's March 1-10 palm oil export data on March 10.
Palm, soy and crude oil prices at 0010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR4 0 +0.00 0 0 0
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 44.44 +0.00 0.00 0.00 0
NYMEX CRUDE APR4 101.80 +0.24 101.78 101.97 593
Palm oil prices in Malaysian ringgit per tonne, CBOT soy oil in US cents per pound, Dalian soy oil and RBD palm olein in Chinese yuan per tonne, crude in US dollars per barrel- Reuters
FUNDAMENTALS
Malaysian palm oil futures rallied to end at a 17-month high on Thursday, following a recovery in China and U.S. soy markets, while unfavourable crop weather in South-East Asia continued to underpin prices.
Chicago Board of Trade corn prices rose to a six-month high on Thursday as stronger-than-expected weekly US export sales data underscored renewed demand for the grain, traders said.
US oil rose on Thursday after falling to near three-week lows as traders reconsidered the geopolitical risk posed by worsening diplomatic relations over Russia's intervention in Crimea.
MARKET NEW
World share markets rose on Thursday, supported by hopes that diplomatic efforts would cool the crisis in Ukraine, while the euro advanced to its highest level of the year after the European Central Bank signalled the euro zone needed no additional stimulus.
Gold rose 1% on Thursday, nearing four-month highs hit earlier in the week, as the dollar tumbled against the euro and oil, copper and corn climbed too, pushing commodities broadly higher.
RELATED
> Malaysia Feb palm stocks seen at 5-month low, dry weather hits output
> World food prices jump in February-UN's FAO
> Ukraine crisis could affect March food prices March-FAO
> India's Feb soymeal exports drop, high prices dent demand
> Brazil soybean farmers slow sales to gauge weather losses
> Strong US soybean exports should cut stockpile outlook
> Argentine soy crop estimate raised to 54.5 million tonnes
DATA/EVENTS
Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on Malaysia's end-February palm oil stocks, exports and production on March 10.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's March 1-10 palm oil export data on March 10.
Palm, soy and crude oil prices at 0010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR4 0 +0.00 0 0 0
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 44.44 +0.00 0.00 0.00 0
NYMEX CRUDE APR4 101.80 +0.24 101.78 101.97 593
Palm oil prices in Malaysian ringgit per tonne, CBOT soy oil in US cents per pound, Dalian soy oil and RBD palm olein in Chinese yuan per tonne, crude in US dollars per barrel- Reuters