MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch July 3
VEGOILS-Market Factors to Watch July 3
03/07/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Wednesday, reversing losses early in session to snap a four-day losing streak on short-covering by traders after prices fell to near three-week lows, although concerns of rising edible oil supplies capped gains.
* U.S. soybeans edged lower on Thursday as expectations for bumper global stocks continued to weigh, although trading remained light ahead of a U.S. holiday on
July 4.
* Crude oil fell about $1 on Wednesday on encouraging signs for supply from Libya and Iraq, notching the lowest close in almost three weeks despite a big draw in U.S. oil inventories.
MARKET NEWS
* Asian stocks hovered at a three-year high and the dollar rose early on Thursday after robust jobs data fuelled hopes that the U.S. nonfarm payrolls report would point to momentum building in the economy.
RELATED
> Indian farmers await rains after slow start to monsoon
> Oregon proponents of GMO labeling say expect ballot measure to qualify
> Workers in Argentina's Rosario grains hub call strike for Friday
> Chinese woman charged in plot to steal U.S. corn technology
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 0145 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 5810 -8.00 5800 5820 62150
CHINA SOYOIL JAN5 6766 -24.00 6750 6774 64364
CBOT SOY OIL DEC4 38.95 +0.17 38.78 38.97 888
NYMEX CRUDE AUG4 104.05 -0.43 103.95 104.29 3423
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 higher on Wednesday, reversing losses early in session to snap a four-day losing streak on short-covering by traders after prices fell to near three-week lows, although concerns of rising edible oil supplies capped gains.
* U.S. soybeans edged lower on Thursday as expectations for bumper global stocks continued to weigh, although trading remained light ahead of a U.S. holiday on
July 4.
* Crude oil fell about $1 on Wednesday on encouraging signs for supply from Libya and Iraq, notching the lowest close in almost three weeks despite a big draw in U.S. oil inventories.
MARKET NEWS
* Asian stocks hovered at a three-year high and the dollar rose early on Thursday after robust jobs data fuelled hopes that the U.S. nonfarm payrolls report would point to momentum building in the economy.
RELATED
> Indian farmers await rains after slow start to monsoon
> Oregon proponents of GMO labeling say expect ballot measure to qualify
> Workers in Argentina's Rosario grains hub call strike for Friday
> Chinese woman charged in plot to steal U.S. corn technology
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 0145 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 5810 -8.00 5800 5820 62150
CHINA SOYOIL JAN5 6766 -24.00 6750 6774 64364
CBOT SOY OIL DEC4 38.95 +0.17 38.78 38.97 888
NYMEX CRUDE AUG4 104.05 -0.43 103.95 104.29 3423
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