MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch Aug 28 Thursday
Palm Oil/Vegoils: Market Factors to Watch Aug 28 Thursday
28/08/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures lost earlier gains and ended lower on Wednesday due to a strong ringgit, while anxiety about swelling supplies of global edible oils continued to drag.
* Nearby U.S. soybean futures rose after sinking to a four-year low on Wednesday, while corn approached a four-year low set earlier this week on limited demand for old-crop supplies ahead of massive U.S. harvests.
* Crude oil futures settled flat after choppy trading on Wednesday, following a report that showed declining U.S. gasoline demand in the world's top oil consumer and a build at the key Cushing, Oklahoma, storage hub.
MARKET NEWS
* Asian stocks crept up early on Thursday following another steady performance by Wall Street shares which hovered near record highs, while the euro clung to modest gains after rebounding from 13-month lows.
RELATED
> Germany expects minimal impact on farmers from Russian sanction
> Egypt's FIHC buys 32,000 T soyoil in tender -trade
> Nearby soybeans rise after hitting four-year low
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release August palm oil export data on Sept. 2.
Palm, soy and crude oil prices at 0019 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5194 +2.00 5168 5210 288912
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.90 +0.09 32.82 32.94 912
NYMEX CRUDE OCT4 93.76 -0.12 93.72 93.78 384
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 lost earlier gains and ended lower on Wednesday due to a strong ringgit, while anxiety about swelling supplies of global edible oils continued to drag.
* Nearby U.S. soybean futures rose after sinking to a four-year low on Wednesday, while corn approached a four-year low set earlier this week on limited demand for old-crop supplies ahead of massive U.S. harvests.
* Crude oil futures settled flat after choppy trading on Wednesday, following a report that showed declining U.S. gasoline demand in the world's top oil consumer and a build at the key Cushing, Oklahoma, storage hub.
MARKET NEWS
* Asian stocks crept up early on Thursday following another steady performance by Wall Street shares which hovered near record highs, while the euro clung to modest gains after rebounding from 13-month lows.
RELATED
> Germany expects minimal impact on farmers from Russian sanction
> Egypt's FIHC buys 32,000 T soyoil in tender -trade
> Nearby soybeans rise after hitting four-year low
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release August palm oil export data on Sept. 2.
Palm, soy and crude oil prices at 0019 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5194 +2.00 5168 5210 288912
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.90 +0.09 32.82 32.94 912
NYMEX CRUDE OCT4 93.76 -0.12 93.72 93.78 384
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