MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 2
VEGOILS-Market Factors to Watch May 2
02/05/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures andother vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures slipped to a near three-week low on Wednesday, tracking volatile soyoil markets overseas, although a slight pick up in export demand provided some support to the tropical oil.
* U.S. grain futures tumbled on Thursday, with soybeans falling the most since September and corn the most in a month as investors took profits on weather forecasts for improved planting conditions in the Midwestern crop belt.
* U.S. oil futures edged lower on Thursday as inventories soared to record highs and traders awaited Friday's U.S. jobs numbers, while Brent oil was pressured by muted Chinese economic data and expectations for a rebound in Libyan oil exports.
MARKET NEWS
* Wall Street stocks dipped on Thursday, despite a resurgence in Internet shares, while disappointing data on Chinese manufacturing activity knocked oil prices to a three-week low.
* 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
> Southwestern Kansas wheat prospects worst in over a decade-tour
> EXCLUSIVE-Faulty technology triggered CME trading outage-chairman
> Soy, corn tumble on fund liquidation, better U.S. weather
> EXCLUSIVE-CME plans cocoa futures contract to rival ICE
> Cocoa drops to 2-month lows on abundant mid crop harvest
> With Bunge Q1 loss, a trio of woe for global grain traders
DATA/EVENTS
> Cargo surveyor Intertek Testing Services to release Malaysia's May 1-10 palm oil export data on May 10. Another cargo surveyor Societe Generale de Surveillance to release data for same period on May 12.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-April palm oil stocks, exports and production on May 12.
Palm, soy and crude oil prices at 0028 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 6130 -24.00 6118 6170 315216
CHINA SOYOIL SEP4 6990 -2.00 6978 7008 283078
CBOT SOY OIL JUL4 41.08 -0.08 41.05 41.24 733
NYMEX CRUDE JUN4 99.29 -0.13 99.17 99.37 1456
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 slipped to a near three-week low on Wednesday, tracking volatile soyoil markets overseas, although a slight pick up in export demand provided some support to the tropical oil.
* U.S. grain futures tumbled on Thursday, with soybeans falling the most since September and corn the most in a month as investors took profits on weather forecasts for improved planting conditions in the Midwestern crop belt.
* U.S. oil futures edged lower on Thursday as inventories soared to record highs and traders awaited Friday's U.S. jobs numbers, while Brent oil was pressured by muted Chinese economic data and expectations for a rebound in Libyan oil exports.
MARKET NEWS
* Wall Street stocks dipped on Thursday, despite a resurgence in Internet shares, while disappointing data on Chinese manufacturing activity knocked oil prices to a three-week low.
* 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
> Southwestern Kansas wheat prospects worst in over a decade-tour
> EXCLUSIVE-Faulty technology triggered CME trading outage-chairman
> Soy, corn tumble on fund liquidation, better U.S. weather
> EXCLUSIVE-CME plans cocoa futures contract to rival ICE
> Cocoa drops to 2-month lows on abundant mid crop harvest
> With Bunge Q1 loss, a trio of woe for global grain traders
DATA/EVENTS
> Cargo surveyor Intertek Testing Services to release Malaysia's May 1-10 palm oil export data on May 10. Another cargo surveyor Societe Generale de Surveillance to release data for same period on May 12.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-April palm oil stocks, exports and production on May 12.
Palm, soy and crude oil prices at 0028 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 6130 -24.00 6118 6170 315216
CHINA SOYOIL SEP4 6990 -2.00 6978 7008 283078
CBOT SOY OIL JUL4 41.08 -0.08 41.05 41.24 733
NYMEX CRUDE JUN4 99.29 -0.13 99.17 99.37 1456
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