MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch April 9
VEGOILS-Market Factors to Watch April 9
09/04/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures fell to a two-month low on Tuesday after the ringgit climbed to a nearly four-month high, with prices further weighed by estimates showing production in the second-largest grower jumped last month.
* U.S. corn and soybean futures rose on Tuesday as traders squared positions a day ahead of a monthly U.S. Department of Agriculture report in which the government is expected to pare its stocks forecasts for both crops, traders said.
* U.S. crude oil prices rose more than 2 percent on Tuesday in a technical-driven rally boosted by a weaker U.S. dollar and forecasts for a draw on stockpiles of domestic oil products.
MARKET NEWS
* The dollar and euro fell sharply against the yen on Tuesday as hopes for additional stimulus out of Japan faded, while bargain-hunting on Wall Street lifted stock prices after three days of losses.
RELATED
> CME trading outage sends business back to the pits
> The boy is back? Risk of El Nino this year increases
> Port workers, truckers at Argentine grains hub to strike
> China allows Brazilian corn imports, setback for U.S
> Canadian bill would force railways to pay for poor service
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on Malaysia's end-March palm oil stocks, exports and production on April 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's April 1-10 palm oil export data on April 10.
Soy and crude oil prices at 2349 GMT
Contract Month Last Change Low High Volume
CBOT SOY OIL MAY4 42.14 +0.00 0.00 0.00 0
NYMEX CRUDE MAY4 102.34 -0.22 102.19 102.38 1277
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures fell to a two-month low on Tuesday after the ringgit climbed to a nearly four-month high, with prices further weighed by estimates showing production in the second-largest grower jumped last month.
* U.S. corn and soybean futures rose on Tuesday as traders squared positions a day ahead of a monthly U.S. Department of Agriculture report in which the government is expected to pare its stocks forecasts for both crops, traders said.
* U.S. crude oil prices rose more than 2 percent on Tuesday in a technical-driven rally boosted by a weaker U.S. dollar and forecasts for a draw on stockpiles of domestic oil products.
MARKET NEWS
* The dollar and euro fell sharply against the yen on Tuesday as hopes for additional stimulus out of Japan faded, while bargain-hunting on Wall Street lifted stock prices after three days of losses.
RELATED
> CME trading outage sends business back to the pits
> The boy is back? Risk of El Nino this year increases
> Port workers, truckers at Argentine grains hub to strike
> China allows Brazilian corn imports, setback for U.S
> Canadian bill would force railways to pay for poor service
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on Malaysia's end-March palm oil stocks, exports and production on April 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will release Malaysia's April 1-10 palm oil export data on April 10.
Soy and crude oil prices at 2349 GMT
Contract Month Last Change Low High Volume
CBOT SOY OIL MAY4 42.14 +0.00 0.00 0.00 0
NYMEX CRUDE MAY4 102.34 -0.22 102.19 102.38 1277
Crude in U.S. dollars per barrel