MARKET DEVELOPMENT
Palm oil/Vegoils: Market Factors to Watch July 23 Wednesday
Palm oil/Vegoils: Market Factors to Watch July 23 Wednesday
23/07/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures slipped to a near 10-month low on Tuesday, following losses in Chinese soy markets and on worries of bumper soy crops, although anticipation of tighter palm supplies curbed losses.
* U.S. corn futures drifted to fresh four-year lows on Tuesday, erasing early gains as favorable weather forecasts bolstered expectations for a bumper harvest, traders said.
* Brent and U.S. crude settled lower after a choppy trading session on Tuesday as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.
MARKET NEWS
* Global equity markets and the dollar rode a rebound in risk appetite on Tuesday that lifted the S&P 500 to a record high on signs of cooperation from Ukraine's pro-Russian separatists over last week's downing of a Malaysian jetliner.
* Gold prices jumped their most in a month on Thursday on geopolitical worries after a Malaysian jetliner crashed in eastern Ukraine, while other key commodities rose, too, on an improved demand outlook versus supply.
RELATED
> Depleting Indian water reservoirs need rains to prevent crop loss-govt
> Indonesian palm oil exports may fall 9.5 pct in 2014 -sector body
> Platts Kingsman sees lower 2014/15 Thai sugar output
> Race for North Dakota's agriculture commissioner is all about oil
> U.S. export sales offer latest sign grains could halt slide
> U.S. corn slides to 4-yr lows on bright harvest prospects
> Rains due to drench Brazil coffee, sugar cane harvests
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's July 1-25 palm oil export data on July 25.
Palm, soy and crude oil prices at 0011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5614 -18.00 5612 5644 146672
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.12 +0.09 36.03 36.14 242
NYMEX CRUDE SEP4 101.93 -0.46 101.79 102.13 2016
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 slipped to a near 10-month low on Tuesday, following losses in Chinese soy markets and on worries of bumper soy crops, although anticipation of tighter palm supplies curbed losses.
* U.S. corn futures drifted to fresh four-year lows on Tuesday, erasing early gains as favorable weather forecasts bolstered expectations for a bumper harvest, traders said.
* Brent and U.S. crude settled lower after a choppy trading session on Tuesday as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and Gaza.
MARKET NEWS
* Global equity markets and the dollar rode a rebound in risk appetite on Tuesday that lifted the S&P 500 to a record high on signs of cooperation from Ukraine's pro-Russian separatists over last week's downing of a Malaysian jetliner.
* Gold prices jumped their most in a month on Thursday on geopolitical worries after a Malaysian jetliner crashed in eastern Ukraine, while other key commodities rose, too, on an improved demand outlook versus supply.
RELATED
> Depleting Indian water reservoirs need rains to prevent crop loss-govt
> Indonesian palm oil exports may fall 9.5 pct in 2014 -sector body
> Platts Kingsman sees lower 2014/15 Thai sugar output
> Race for North Dakota's agriculture commissioner is all about oil
> U.S. export sales offer latest sign grains could halt slide
> U.S. corn slides to 4-yr lows on bright harvest prospects
> Rains due to drench Brazil coffee, sugar cane harvests
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's July 1-25 palm oil export data on July 25.
Palm, soy and crude oil prices at 0011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5614 -18.00 5612 5644 146672
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.12 +0.09 36.03 36.14 242
NYMEX CRUDE SEP4 101.93 -0.46 101.79 102.13 2016
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