MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 5
VEGOILS-Market Factors to Watch May 5
05/05/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures dipped to a near three-month low on Friday, tracking declines in comparative vegetable oils, with traders expecting prices to pick up later this month on high seasonal demand.
* U.S. wheat futures surged 2 percent to their highest levels in more than a year on Friday, bolstered by concerns of drought-reduced production in the southern Plains, where triple-digit temperatures could bake the crop this weekend.
* Oil prices rose on Friday as violence in Ukraine and job growth in the United States spurred buying, and technical short-covering before the weekend also lent support.
MARKET NEWS
* Asian share markets inched ahead on Monday as a robust U.S. jobs report was taken as positive for global growth prospects even as a lack of inflation pulled down bond yields across the United States and Europe.
* 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
> UPDATE 1-First funerals set for missing jet's passengers; Malaysia says "face reality
> Exelon shuts Illinois Braidwood 2 nuclear reactor for refueling
> Saudi Aramco cuts Arab Light June official selling price to Asia
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 0039 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 41.64 +0.13 41.45 41.88 851
NYMEX CRUDE JUN4 99.83 +0.07 99.70 100.00 3294
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 dipped to a near three-month low on Friday, tracking declines in comparative vegetable oils, with traders expecting prices to pick up later this month on high seasonal demand.
* U.S. wheat futures surged 2 percent to their highest levels in more than a year on Friday, bolstered by concerns of drought-reduced production in the southern Plains, where triple-digit temperatures could bake the crop this weekend.
* Oil prices rose on Friday as violence in Ukraine and job growth in the United States spurred buying, and technical short-covering before the weekend also lent support.
MARKET NEWS
* Asian share markets inched ahead on Monday as a robust U.S. jobs report was taken as positive for global growth prospects even as a lack of inflation pulled down bond yields across the United States and Europe.
* 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
> UPDATE 1-First funerals set for missing jet's passengers; Malaysia says "face reality
> Exelon shuts Illinois Braidwood 2 nuclear reactor for refueling
> Saudi Aramco cuts Arab Light June official selling price to Asia
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 0039 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 41.64 +0.13 41.45 41.88 851
NYMEX CRUDE JUN4 99.83 +0.07 99.70 100.00 3294
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