MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 8
VEGOILS-Market Factors to Watch May 8
08/05/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures ended higher for the first time in six days on Wednesday as the current weakness in the palm market attracted bargain hunters and prompted investors to cover short positions, although a strong ringgit put a lid on gains.
* U.S. soybean futures fell to a one-month low on Wednesday as slowing export demand and big harvests in South America prompted a round of long liquidation, traders said.
* Global oil prices rose by more than $1 a barrel on both sides of the Atlantic on Wednesday as an unexpected drop in United States inventories supported U.S. crude and escalating tensions in Libya pushed Brent higher.
MARKET NEWS
* U.S. stocks mostly rose on Wednesday, adding to their gains in late trading after Federal Reserve Chair Janet Yellen indicated continued central bank support for the U.S. economy, while stocks in other regions were flat.
* 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
> Palm oil imports latest casualty as China tightens credit
> India's costly soymeal drags down exports in April
> Soy hits 1-month low as demand slows; corn, wheat fall too
> Brazil's Odebrecht says to shut down ethanol mills - report
> Commodity funds down in 1st qtr, even as energy markets rally
> Cocoa futures sink to lowest in over 3 months on supply hopes
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 2351 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 40.83 +0.00 0.00 0.00 0
NYMEX CRUDE JUN4 100.78 +0.01 100.71 100.93 930
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 ended higher for the first time in six days on Wednesday as the current weakness in the palm market attracted bargain hunters and prompted investors to cover short positions, although a strong ringgit put a lid on gains.
* U.S. soybean futures fell to a one-month low on Wednesday as slowing export demand and big harvests in South America prompted a round of long liquidation, traders said.
* Global oil prices rose by more than $1 a barrel on both sides of the Atlantic on Wednesday as an unexpected drop in United States inventories supported U.S. crude and escalating tensions in Libya pushed Brent higher.
MARKET NEWS
* U.S. stocks mostly rose on Wednesday, adding to their gains in late trading after Federal Reserve Chair Janet Yellen indicated continued central bank support for the U.S. economy, while stocks in other regions were flat.
* 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
> Palm oil imports latest casualty as China tightens credit
> India's costly soymeal drags down exports in April
> Soy hits 1-month low as demand slows; corn, wheat fall too
> Brazil's Odebrecht says to shut down ethanol mills - report
> Commodity funds down in 1st qtr, even as energy markets rally
> Cocoa futures sink to lowest in over 3 months on supply hopes
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 2351 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 40.83 +0.00 0.00 0.00 0
NYMEX CRUDE JUN4 100.78 +0.01 100.71 100.93 930
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