MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch April 30 (Wednesday) Wednesday
Palm Oil/Vegoils: Market Factors to Watch April 30 (Wednesday) Wednesday
30/04/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures eased to one-week lows on Tuesday, as traders booked profits after strong gains in the previous session and as comparative vegetable oils weighed on sentiment.
* U.S. corn futures rose more than 1 percent on Tuesday for their third straight session of gains and neared a three-week high as rains and cold temperatures prevented farmers from planting in much of the Midwestern crop belt, analysts said.
* Oil prices rose on Tuesday as traders refocused on geopolitical risks from an outbreak of violence in Libya to Russia's intervention in Ukraine.
MARKET NEWS
* World stock indexes rose on solid company earnings on Tuesday, while the euro slipped as weaker-than-expected German inflation data kept alive chances of more stimulus from the European Central Bank.
* Commodities had the best quarter in 18 months as trading for March ended on Monday, with weather and economic growth likely to determine if gas, gold, grains, lean hogs and coffee continue going higher and draw money into the space.
RELATED
> Argentina increases soybean crop forecast to 55 mln tonnes
> U.S. cellulosic fuel makers say expansion finally at hand
> Brazil cash sugar firmer on signs demand picking up
> High prices, strong demand to limit CBOT deliveries
> Europe coffee, cocoa warehouses seek to temper new exchange rules
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's April palm oil export data on April 30.
Palm, soy and crude oil prices at 0025 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
MY PALM OIL JUL4 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 JUL4 42.92 -0.03 42.90 43.00 694
NYMEX CRUDE JUN4 100.55 -0.73 100.52 100.76 1433
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures eased to one-week lows on Tuesday, as traders booked profits after strong gains in the previous session and as comparative vegetable oils weighed on sentiment.
* U.S. corn futures rose more than 1 percent on Tuesday for their third straight session of gains and neared a three-week high as rains and cold temperatures prevented farmers from planting in much of the Midwestern crop belt, analysts said.
* Oil prices rose on Tuesday as traders refocused on geopolitical risks from an outbreak of violence in Libya to Russia's intervention in Ukraine.
MARKET NEWS
* World stock indexes rose on solid company earnings on Tuesday, while the euro slipped as weaker-than-expected German inflation data kept alive chances of more stimulus from the European Central Bank.
* Commodities had the best quarter in 18 months as trading for March ended on Monday, with weather and economic growth likely to determine if gas, gold, grains, lean hogs and coffee continue going higher and draw money into the space.
RELATED
> Argentina increases soybean crop forecast to 55 mln tonnes
> U.S. cellulosic fuel makers say expansion finally at hand
> Brazil cash sugar firmer on signs demand picking up
> High prices, strong demand to limit CBOT deliveries
> Europe coffee, cocoa warehouses seek to temper new exchange rules
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's April palm oil export data on April 30.
Palm, soy and crude oil prices at 0025 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
MY PALM OIL JUL4 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 JUL4 42.92 -0.03 42.90 43.00 694
NYMEX CRUDE JUN4 100.55 -0.73 100.52 100.76 1433
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel