MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch June 23
VEGOILS-Market Factors to Watch June 23
23/06/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures ended lower on Friday to follow weaker soyoil markets and as poor exports dragged, although the recent surge in crude prices due to tensions in Iraq lifted weekly prices to their biggest gain in eight.
* U.S. soybean futures fell on Friday, capping their fourth straight losing week on profit taking and concerns about slowing demand from China, the world's top buyer of the oilseed, traders said.
* U.S. crude oil jumped above $107 a barrel on Friday, reaching a new nine-month high on short-covering ahead of the July contract expiry, while Brent dropped on profit-taking as concerns eased over supply disruptions due to violence in Iraq.
MARKET NEWS
* Wall Street equities rose on Friday for a sixth straight session and hit new highs, boosted by money managers convinced that U.S. policymakers will keep a lid on interest rates through 2016.
RELATED
> China think-tank revises down corn demand forecast
> Malaysia's June 1-20 palm oil exports down 5.8 pct -ITS
> Philippines takes emergency steps as pest attacks coconut trees
> U.S. soybeans, wheat drop; corn firms on technical buying
> U.S. RINs jump, market ponders RFS ethanol target rise
> Investment in Latin American cocoa thrives
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's June 1-25 palm oil export data on June 25.
Palm, soy and crude oil prices at 0021 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL AUG4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL SEP4 #N/A #N/A #N/A #N/A #N/A
CHINA PALM OLEIN JAN5 #N/A #N/A #N/A #N/A #N/A
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL JUL4 40.33 +0.20 40.18 40.45 1194
NYMEX CRUDE AUG4 107.12 +0.29 106.98 107.45 3498
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 lower on Friday to follow weaker soyoil markets and as poor exports dragged, although the recent surge in crude prices due to tensions in Iraq lifted weekly prices to their biggest gain in eight.
* U.S. soybean futures fell on Friday, capping their fourth straight losing week on profit taking and concerns about slowing demand from China, the world's top buyer of the oilseed, traders said.
* U.S. crude oil jumped above $107 a barrel on Friday, reaching a new nine-month high on short-covering ahead of the July contract expiry, while Brent dropped on profit-taking as concerns eased over supply disruptions due to violence in Iraq.
MARKET NEWS
* Wall Street equities rose on Friday for a sixth straight session and hit new highs, boosted by money managers convinced that U.S. policymakers will keep a lid on interest rates through 2016.
RELATED
> China think-tank revises down corn demand forecast
> Malaysia's June 1-20 palm oil exports down 5.8 pct -ITS
> Philippines takes emergency steps as pest attacks coconut trees
> U.S. soybeans, wheat drop; corn firms on technical buying
> U.S. RINs jump, market ponders RFS ethanol target rise
> Investment in Latin American cocoa thrives
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's June 1-25 palm oil export data on June 25.
Palm, soy and crude oil prices at 0021 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL AUG4 #N/A #N/A #N/A #N/A #N/A
MY PALM OIL SEP4 #N/A #N/A #N/A #N/A #N/A
CHINA PALM OLEIN JAN5 #N/A #N/A #N/A #N/A #N/A
CHINA SOYOIL JAN5 #N/A #N/A #N/A #N/A #N/A
CBOT SOY OIL JUL4 40.33 +0.20 40.18 40.45 1194
NYMEX CRUDE AUG4 107.12 +0.29 106.98 107.45 3498
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