MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch May 9 (Friday)
Palm Oil/Vegoils: Market Factors to Watch May 9 (Friday)
09/05/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
* Malaysian palm oil futures slipped to a more than three-month low on Thursday, falling six out of seven sessions, due to uncertainty ahead of a key report on stocks, while a firm ringgit continued to hurt sentiment.
* U.S. soybean futures rebounded from three days of losses on Thursday and rose more than 1 percent in a technical and short-covering bounce and corn firmed as investors squared positions ahead of a monthly crop report scheduled for release on Friday.
* U.S. crude oil prices fell on Thursday after hitting resistance at a key technical level, and Brent also fell as traders awaited developments in Ukraine.
MARKET NEWS
* Stock markets around the world mostly rose on Thursday, gaining on positive comments from central banks, though U.S. shares ended flat as an early rally faded.
* 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
> PREVIEW-Malaysia's April palm oil stocks seen at 3-mth high
> World food prices drop in April due to falling dairy
> Wilmar Q1 net profit slides on sugar losses, China soy crush margins
> China commodity imports top expectations as stockpiling supports
> Soybeans jump from 1-month low ahead of USDA monthly report
> El Nino chances exceed 65 pct this summer -US weather forecaster
> Barge shipments of Brazil soy bound for U.S. Midwest crushers
> Argentina soy crop increased to 55.5 mln tonnes -exchange
> Thailand produces record 11.3 mln T sugar in 2013/14
> Thailand's graft agency rules against ex-PM
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 2344 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 41.12 +0.00 0.00 0.00 0
NYMEX CRUDE JUN4 100.29 +0.03 100.23 100.30 388
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 more than three-month low on Thursday, falling six out of seven sessions, due to uncertainty ahead of a key report on stocks, while a firm ringgit continued to hurt sentiment.
* U.S. soybean futures rebounded from three days of losses on Thursday and rose more than 1 percent in a technical and short-covering bounce and corn firmed as investors squared positions ahead of a monthly crop report scheduled for release on Friday.
* U.S. crude oil prices fell on Thursday after hitting resistance at a key technical level, and Brent also fell as traders awaited developments in Ukraine.
MARKET NEWS
* Stock markets around the world mostly rose on Thursday, gaining on positive comments from central banks, though U.S. shares ended flat as an early rally faded.
* 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
> PREVIEW-Malaysia's April palm oil stocks seen at 3-mth high
> World food prices drop in April due to falling dairy
> Wilmar Q1 net profit slides on sugar losses, China soy crush margins
> China commodity imports top expectations as stockpiling supports
> Soybeans jump from 1-month low ahead of USDA monthly report
> El Nino chances exceed 65 pct this summer -US weather forecaster
> Barge shipments of Brazil soy bound for U.S. Midwest crushers
> Argentina soy crop increased to 55.5 mln tonnes -exchange
> Thailand produces record 11.3 mln T sugar in 2013/14
> Thailand's graft agency rules against ex-PM
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 2344 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 41.12 +0.00 0.00 0.00 0
NYMEX CRUDE JUN4 100.29 +0.03 100.23 100.30 388
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