MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Aug 14 Thursday
Vegoils: Market Factors to Watch Aug 14 Thursday
14/08/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures edged down on Wednesday to hover around their lowest levels in more than a year, weighed down by projections of bigger-than-expected supplies of rival oilseeds, which could eat into demand for the tropical oil.
* U.S. soybean futures dipped on Wednesday on expectations that autumn harvests will exceed government forecasts due to favorable weather, while new-crop corn bounced from a contract low set the previous session.
* Brent crude oil rose by nearly $1 per barrel in choppy trading on Wednesday, recovering from a 13-month low as turmoil in Iraq and Libya kept concerns about potential supply disruptions in focus.
MARKET NEWS
* A global stock gauge rose on Wednesday, boosted by a technology-led rebound on Wall Street, while Brazilian markets were shaken by the death of presidential candidate Eduardo Campos in a plane crash.
RELATED
> China soy imports to hit record in 2013/14 -think tank
> India's July palm oil imports up a tenth as local supplies lag
> First Resources Q2 profit dips as palm selling price weakens
> Australian forecast for rains could mean better wheat yields
> Shaken by polar vortex, U.S. braces for propane supply glitches
> Kellogg to set targets for suppliers to cut carbon emissions
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release August 1-15 palm oil export data on August 15.
Palm, soy and crude oil prices at 0007 GMT
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 edged down on Wednesday to hover around their lowest levels in more than a year, weighed down by projections of bigger-than-expected supplies of rival oilseeds, which could eat into demand for the tropical oil.
* U.S. soybean futures dipped on Wednesday on expectations that autumn harvests will exceed government forecasts due to favorable weather, while new-crop corn bounced from a contract low set the previous session.
* Brent crude oil rose by nearly $1 per barrel in choppy trading on Wednesday, recovering from a 13-month low as turmoil in Iraq and Libya kept concerns about potential supply disruptions in focus.
MARKET NEWS
* A global stock gauge rose on Wednesday, boosted by a technology-led rebound on Wall Street, while Brazilian markets were shaken by the death of presidential candidate Eduardo Campos in a plane crash.
RELATED
> China soy imports to hit record in 2013/14 -think tank
> India's July palm oil imports up a tenth as local supplies lag
> First Resources Q2 profit dips as palm selling price weakens
> Australian forecast for rains could mean better wheat yields
> Shaken by polar vortex, U.S. braces for propane supply glitches
> Kellogg to set targets for suppliers to cut carbon emissions
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release August 1-15 palm oil export data on August 15.
Palm, soy and crude oil prices at 0007 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 5476 -90.00 5430 5574 358836
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 34.29 -0.03 34.26 34.32 385
NYMEX CRUDE SEP4 97.41 -0.18 97.27 97.46 1068
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