MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 7
VEGOILS-Market Factors to Watch May 7
07/05/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures edged lower on Tuesday, extending a losing streak into a fifth straight day as weakness in comparable markets overseas weighed on the tropical oil.
* U.S. wheat futures rose to their highest in 13 months on Tuesday, led by the Kansas City market as the southern U.S. Plains wheat belt remained in the grip of sizzling heat and dryness.
* U.S. crude futures settled nearly unchanged on Tuesday, but later rose in post-settlement trade after industry group the American Petroleum Institute reported that crude stocks decreased last week, defying analysts' expectations for a build.
MARKET NEWS
* Asian shares dipped and the safe-haven yen hovered just above a multi-month high against the dollar in early trade on Wednesday as the heightened possibility of Ukraine slipping into civil war dampened risk sentiment.
* 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
> Indonesia's 2014 palm output seen above 28 mln T, El Nino impact delayed-industry
> Enbridge says 796,000 bpd Line 4 shut down after power outage
> Marathon Oil profit beats Wall Street on U.S. shale, asset sales
> Shell says smoke at Martinez, Calif, refinery did not affect ops
> Petrobras refinery issue tiny beside other woes, board member says
> U.S. criticizes Chinese oil rig move amid Vietnam protests
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 0053 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 41.08 -0.03 41.07 41.11 651
NYMEX CRUDE JUN4 99.86 +0.36 99.78 99.96 1612
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 edged lower on Tuesday, extending a losing streak into a fifth straight day as weakness in comparable markets overseas weighed on the tropical oil.
* U.S. wheat futures rose to their highest in 13 months on Tuesday, led by the Kansas City market as the southern U.S. Plains wheat belt remained in the grip of sizzling heat and dryness.
* U.S. crude futures settled nearly unchanged on Tuesday, but later rose in post-settlement trade after industry group the American Petroleum Institute reported that crude stocks decreased last week, defying analysts' expectations for a build.
MARKET NEWS
* Asian shares dipped and the safe-haven yen hovered just above a multi-month high against the dollar in early trade on Wednesday as the heightened possibility of Ukraine slipping into civil war dampened risk sentiment.
* 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
> Indonesia's 2014 palm output seen above 28 mln T, El Nino impact delayed-industry
> Enbridge says 796,000 bpd Line 4 shut down after power outage
> Marathon Oil profit beats Wall Street on U.S. shale, asset sales
> Shell says smoke at Martinez, Calif, refinery did not affect ops
> Petrobras refinery issue tiny beside other woes, board member says
> U.S. criticizes Chinese oil rig move amid Vietnam protests
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 0053 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 41.08 -0.03 41.07 41.11 651
NYMEX CRUDE JUN4 99.86 +0.36 99.78 99.96 1612
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