MARKET DEVELOPMENT
Vegoils: Market Factors to Watch May 20 (Tuesday)
Vegoils: Market Factors to Watch May 20 (Tuesday)
20/05/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil futures fell to their lowest level in more than three months on Monday, following losses in overseas soyoil markets and a strong ringgit, which triggered technical selling late in the session, traders said.
* U.S. corn futures dropped for a fourth straight session on Monday, to their lowest level since March as periods of warm dry weather this week should accelerate planting across the Midwest after weeks of rain delays and unseasonable cold.
* U.S. oil prices rose to near one-month highs on Monday as a weak dollar prompted buying a day before the June contract's expiration, while Brent prices fell as slumping global equities outweighed the impact of low Libyan output.
MARKET NEWS
* Asian shares got off to a subdued start on Tuesday, while a recent decline in U.S. Treasury yields helped keep the dollar near its lowest level against the yen in more than three months
RELATED
> Russian new crop wheat prices down $5 as harvest campaign nears
> Serbia's EPS says further cuts output at its hydro power plants
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's May 1-20 palm oil export data on May 20.
Palm, soy and crude oil prices at 0029 GMT
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- Reuters
FUNDAMENTALS
* Malaysian palm oil futures fell to their lowest level in more than three months on Monday, following losses in overseas soyoil markets and a strong ringgit, which triggered technical selling late in the session, traders said.
* U.S. corn futures dropped for a fourth straight session on Monday, to their lowest level since March as periods of warm dry weather this week should accelerate planting across the Midwest after weeks of rain delays and unseasonable cold.
* U.S. oil prices rose to near one-month highs on Monday as a weak dollar prompted buying a day before the June contract's expiration, while Brent prices fell as slumping global equities outweighed the impact of low Libyan output.
MARKET NEWS
* Asian shares got off to a subdued start on Tuesday, while a recent decline in U.S. Treasury yields helped keep the dollar near its lowest level against the yen in more than three months
RELATED
> Russian new crop wheat prices down $5 as harvest campaign nears
> Serbia's EPS says further cuts output at its hydro power plants
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's May 1-20 palm oil export data on May 20.
Palm, soy and crude oil prices at 0029 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 40.46 +0.04 40.42 40.50 444
NYMEX CRUDE JUN4 102.54 -0.07 102.47 102.60 333
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- Reuters