MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch July 2 Wednesday
Palm Oil/Vegoils: Market Factors to Watch July 2 Wednesday
02/07/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures slid to a near three-week low on Tuesday, stretching its losing streak into a fourth session following heavy losses in overseas soyoil markets, and as investors fretted about rising stocks of the tropical oil.
* U.S. grain futures extended losses on Tuesday, with corn nearing a six-month low a day after the U.S. Department of Agriculture surpassed market expectations with projections for ample supplies.
* Crude oil prices dipped slightly on Tuesday on easing concerns of supply disruptions due to the conflicts in Iraq and Ukraine, whilst gaining some support from upbeat manufacturing data in China, the world's second-biggest oil consumer.
MARKET NEWS
* Asian stocks scored a three-year peak on Wednesday after a round of upbeat global economic data whetted risk appetites and helped Wall Street taste all-time highs.
RELATED
> Italian importers bought at least 70,000 T Black Sea corn-trade
> Indonesia sees 2014 rice output at 69.9 mln T, vs 71.3 mln T in 2013
> As storage overflows, China expected to scrap corn stockpiling
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's July 1-10 palm oil export data on July 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-June palm oil stocks, exports and production on July 10.
Palm, soy and crude oil prices at 0040 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 DEC4 39.21 -0.02 39.18 39.23 219
NYMEX CRUDE AUG4 105.39 +0.05 105.20 105.40 943
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 slid to a near three-week low on Tuesday, stretching its losing streak into a fourth session following heavy losses in overseas soyoil markets, and as investors fretted about rising stocks of the tropical oil.
* U.S. grain futures extended losses on Tuesday, with corn nearing a six-month low a day after the U.S. Department of Agriculture surpassed market expectations with projections for ample supplies.
* Crude oil prices dipped slightly on Tuesday on easing concerns of supply disruptions due to the conflicts in Iraq and Ukraine, whilst gaining some support from upbeat manufacturing data in China, the world's second-biggest oil consumer.
MARKET NEWS
* Asian stocks scored a three-year peak on Wednesday after a round of upbeat global economic data whetted risk appetites and helped Wall Street taste all-time highs.
RELATED
> Italian importers bought at least 70,000 T Black Sea corn-trade
> Indonesia sees 2014 rice output at 69.9 mln T, vs 71.3 mln T in 2013
> As storage overflows, China expected to scrap corn stockpiling
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia's July 1-10 palm oil export data on July 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-June palm oil stocks, exports and production on July 10.
Palm, soy and crude oil prices at 0040 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 DEC4 39.21 -0.02 39.18 39.23 219
NYMEX CRUDE AUG4 105.39 +0.05 105.20 105.40 943
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