MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 28
VEGOILS-Market Factors to Watch May 28
28/05/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures stretched losses into a third straight session on Tuesday, tracking weak vegetable oil markets overseas, with prices further pressured by concerns that export demand will not be strong enough to check rising stockpiles.
* U.S. grain futures fell as much as 2 percent on Tuesday, with corn and wheat hitting roughly three-month lows, as favorable crop conditions and signs of easing tensions in major export hub Ukraine sparked investor long liquidation, traders said.
* Crude oil futures edged lower on Tuesday as traders took profit after a long holiday weekend, with prices supported by violence in Ukraine and expectations for a draw on U.S. crude stocks at the Cushing, Oklahoma hub.
MARKET NEWS
* World equity markets rallied on Tuesday, with the S&P 500 ending at a new record following strong U.S. economic data, while the euro softened against the dollar on expectations of more rate cuts from the European Central Bank.
RELATED
> China weekly state soy sale stays high
> Malaysia's Boustead prices $327 mln plantation IPO
> China soy industry sees rays of hope, but glut persists
> Brazilian soybeans reach U.S. East Coast, more cargoes en route
> Blasts, fire at New Mexico biofuels plant spark brief evacuations
> Pilgrim's bid for Hillshire puts Pinnacle deal in peril
> U.S. soy, spring wheat plantings soar as farmers wrap up corn
> Australia sees drier, warmer winter as El Nino looms
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's May 1-31 palm oil export data on June 2.
Palm, soy and crude oil prices at 0016 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN4 0 +0.00 0 0 0
MY PALM OIL JUL4 0 +0.00 0 0 0
MY PALM OIL AUG4 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 39.97 +0.03 39.92 40.00 218
NYMEX CRUDE JUL4 104.11 +0.00 104.05 104.17 1210
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 stretched losses into a third straight session on Tuesday, tracking weak vegetable oil markets overseas, with prices further pressured by concerns that export demand will not be strong enough to check rising stockpiles.
* U.S. grain futures fell as much as 2 percent on Tuesday, with corn and wheat hitting roughly three-month lows, as favorable crop conditions and signs of easing tensions in major export hub Ukraine sparked investor long liquidation, traders said.
* Crude oil futures edged lower on Tuesday as traders took profit after a long holiday weekend, with prices supported by violence in Ukraine and expectations for a draw on U.S. crude stocks at the Cushing, Oklahoma hub.
MARKET NEWS
* World equity markets rallied on Tuesday, with the S&P 500 ending at a new record following strong U.S. economic data, while the euro softened against the dollar on expectations of more rate cuts from the European Central Bank.
RELATED
> China weekly state soy sale stays high
> Malaysia's Boustead prices $327 mln plantation IPO
> China soy industry sees rays of hope, but glut persists
> Brazilian soybeans reach U.S. East Coast, more cargoes en route
> Blasts, fire at New Mexico biofuels plant spark brief evacuations
> Pilgrim's bid for Hillshire puts Pinnacle deal in peril
> U.S. soy, spring wheat plantings soar as farmers wrap up corn
> Australia sees drier, warmer winter as El Nino looms
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's May 1-31 palm oil export data on June 2.
Palm, soy and crude oil prices at 0016 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN4 0 +0.00 0 0 0
MY PALM OIL JUL4 0 +0.00 0 0 0
MY PALM OIL AUG4 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 39.97 +0.03 39.92 40.00 218
NYMEX CRUDE JUL4 104.11 +0.00 104.05 104.17 1210
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