MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch June 10 Tuesday
Palm Oil/Vegoils: Market Factors to Watch June 10 Tuesday
10/06/2014 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday.
FUNDAMENTALS
* Malaysian palm oil ended flat on Monday after the ringgit advanced to its highest in nearly seven months, with a stronger overseas soy market helping to offset losses and keep prices locked in a tight trading range.
* U.S. spot corn futures fell to a 3-1/2 month low on Monday as near-perfect crop weather in the U.S. Midwest raised expectations for record production, and China said it would halt import permits for a corn-based feed ingredient.
* Brent crude rose on Monday, gaining over $1 to surpass $110 a barrel for the first time in June, while U.S. crude rose by nearly $2, as strong Chinese and U.S. data pointed to healthy economic growth and higher demand for oil from the world's top two consumers.
MARKET NEWS
* Asia stocks edged up to a three-year high on Tuesday after a record-breaking Wall Street bull run continued on the back of economic optimism, while rising yields supported the dollar.
RELATED
> Malaysian palm olein futures contract to launch next week
> COLUMN-Agri investors feel the sting of a good crop: Maguire
> China's commodities imports fall in May on high stocks, tighter credit
> India considering urea price hike to curb fertiliser subsidies
> China stops issuing import permits for US distillers grains
> Russia says China interested in restarting imports of its grains
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's June 1-10 palm oil export data on June 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-May palm oil stocks, exports and production on June 10.
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 39.30 +0.02 39.28 39.34 468
NYMEX CRUDE JUL4 104.50 +0.09 104.44 104.58 1608
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 ended flat on Monday after the ringgit advanced to its highest in nearly seven months, with a stronger overseas soy market helping to offset losses and keep prices locked in a tight trading range.
* U.S. spot corn futures fell to a 3-1/2 month low on Monday as near-perfect crop weather in the U.S. Midwest raised expectations for record production, and China said it would halt import permits for a corn-based feed ingredient.
* Brent crude rose on Monday, gaining over $1 to surpass $110 a barrel for the first time in June, while U.S. crude rose by nearly $2, as strong Chinese and U.S. data pointed to healthy economic growth and higher demand for oil from the world's top two consumers.
MARKET NEWS
* Asia stocks edged up to a three-year high on Tuesday after a record-breaking Wall Street bull run continued on the back of economic optimism, while rising yields supported the dollar.
RELATED
> Malaysian palm olein futures contract to launch next week
> COLUMN-Agri investors feel the sting of a good crop: Maguire
> China's commodities imports fall in May on high stocks, tighter credit
> India considering urea price hike to curb fertiliser subsidies
> China stops issuing import permits for US distillers grains
> Russia says China interested in restarting imports of its grains
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's June 1-10 palm oil export data on June 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-May palm oil stocks, exports and production on June 10.
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 39.30 +0.02 39.28 39.34 468
NYMEX CRUDE JUL4 104.50 +0.09 104.44 104.58 1608
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