MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch March 25 (Tuesday)
Palm Oil/Vegoils: Market Factors to Watch March 25 (Tuesday)
25/03/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil futures fell to a more than one-month low on Monday, giving up gains from the early session to extend losses into a third straight day on fears of lacklustre demand for the tropical oil, although tight stocks kept prices propped up.
* US grains rallied on Monday, with wheat supported by concerns about the weather in key growing areas, while soybeans and corn rallied on strong export data, traders said.
* Brent crude oil fell and US crude edged slightly higher in chopping trading on Monday as lackluster manufacturing data from the world's largest oil consumer was balanced by supply concerns over the Ukraine crisis and turmoil in Libya.
MARKET NEWS
* Global equity markets fell on Monday, rattled by the ongoing Ukraine crisis and weak data from China, while gold fell on concerns about higher US interest rates and a stronger dollar.
* 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
> Indonesian pulp and paper giant says is "victim" of forest haze
> Gavilon calls on U.S. farm sector to deal with unapproved GMO crops
> Russian grain prices up as weakening rouble curbs selling
> Record Argentine soy crop to pump exports despite hoarding
> Weather worries support wheat; corn, soy boosted by export data
> U.S. ethanol's premium to gasoline largest since 2011
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's March 1-25 palm oil export data on March 25.
Palm, soy and crude oil prices at 0012 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 40.77 -0.07 40.74 40.84 140
NYMEX CRUDE MAY4 99.36 -0.24 99.30 99.52 656
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 U.S. dollars per barrel - Reuters
FUNDAMENTALS
* Malaysian palm oil futures fell to a more than one-month low on Monday, giving up gains from the early session to extend losses into a third straight day on fears of lacklustre demand for the tropical oil, although tight stocks kept prices propped up.
* US grains rallied on Monday, with wheat supported by concerns about the weather in key growing areas, while soybeans and corn rallied on strong export data, traders said.
* Brent crude oil fell and US crude edged slightly higher in chopping trading on Monday as lackluster manufacturing data from the world's largest oil consumer was balanced by supply concerns over the Ukraine crisis and turmoil in Libya.
MARKET NEWS
* Global equity markets fell on Monday, rattled by the ongoing Ukraine crisis and weak data from China, while gold fell on concerns about higher US interest rates and a stronger dollar.
* 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
> Indonesian pulp and paper giant says is "victim" of forest haze
> Gavilon calls on U.S. farm sector to deal with unapproved GMO crops
> Russian grain prices up as weakening rouble curbs selling
> Record Argentine soy crop to pump exports despite hoarding
> Weather worries support wheat; corn, soy boosted by export data
> U.S. ethanol's premium to gasoline largest since 2011
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's March 1-25 palm oil export data on March 25.
Palm, soy and crude oil prices at 0012 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 40.77 -0.07 40.74 40.84 140
NYMEX CRUDE MAY4 99.36 -0.24 99.30 99.52 656
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 U.S. dollars per barrel - Reuters