MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors To Watch March 20 (Thursday)
Palm Oil/Vegoils: Market Factors To Watch March 20 (Thursday)
20/03/2014 (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 on Wednesday after six straight days of falls as a technical bounce gave some relief, although gains were held back by sluggish demand for the tropical oil.
* US wheat futures climbed to a 10-month high on Wednesday on concerns dust storms and dry conditions will hurt harvests in the southern Plains states.
* Brent oil futures fell on Wednesday as worries over sanctions affecting Russian oil supplies eased, while U.S. crude oil rose on an inventory draw at the benchmark's pricing hub and ahead of the front month contract's expiration.
MARKET NEWS
* The US dollar was holding hefty gains in Asia on Thursday as investors wrestled with the risk that US interest rates could rise sooner and faster than previously thought, pressuring stock and bond prices.
* Copper sank to 8½-month lows on Monday, dropping steeply for a second session, while oil lost more than a dollar and Shanghai-traded commodities slumped after a surprise fall in China's exports heightened fears of an economic slowdown.
RELATED
> Fire destroys 200 hectares of Sime Darby's Liberia plantation
> US farmers to increase soy plantings to record 83.6 mln acres
> Cargill expands European cocoa processing again
> Arabica coffee falls further from 2-year high, sugar firms
> Raizen expects up to 10 pct loss in Brazil sugar cane crop
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's March 1-20 palm oil export data on March 20.
Palm, soy and crude oil prices at 0021 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 41.90 -0.20 41.86 42.11 709
NYMEX CRUDE APR4 100.37 +0.00 100.37 100.4 230
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 rose on Wednesday after six straight days of falls as a technical bounce gave some relief, although gains were held back by sluggish demand for the tropical oil.
* US wheat futures climbed to a 10-month high on Wednesday on concerns dust storms and dry conditions will hurt harvests in the southern Plains states.
* Brent oil futures fell on Wednesday as worries over sanctions affecting Russian oil supplies eased, while U.S. crude oil rose on an inventory draw at the benchmark's pricing hub and ahead of the front month contract's expiration.
MARKET NEWS
* The US dollar was holding hefty gains in Asia on Thursday as investors wrestled with the risk that US interest rates could rise sooner and faster than previously thought, pressuring stock and bond prices.
* Copper sank to 8½-month lows on Monday, dropping steeply for a second session, while oil lost more than a dollar and Shanghai-traded commodities slumped after a surprise fall in China's exports heightened fears of an economic slowdown.
RELATED
> Fire destroys 200 hectares of Sime Darby's Liberia plantation
> US farmers to increase soy plantings to record 83.6 mln acres
> Cargill expands European cocoa processing again
> Arabica coffee falls further from 2-year high, sugar firms
> Raizen expects up to 10 pct loss in Brazil sugar cane crop
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's March 1-20 palm oil export data on March 20.
Palm, soy and crude oil prices at 0021 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 41.90 -0.20 41.86 42.11 709
NYMEX CRUDE APR4 100.37 +0.00 100.37 100.4 230
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