MARKET DEVELOPMENT
Palm Oil/Vegoils: Market Factors to Watch Sept 3 Wednesday
Palm Oil/Vegoils: Market Factors to Watch Sept 3 Wednesday
03/09/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures edged up on Tuesday, lifted by gains in overseas
soy oil markets and on better-than-expected exports in August, although concerns
about higher edible oil supplies kept prices near five-and-a-half-year lows.
* U.S. grains fell on Tuesday, with wheat futures down more than 1 percent on pressure from plentiful global supplies and selling by investment funds on the first trading day of the month, analysts said.
* Brent crude oil futures fell to the lowest level in 16 months on Tuesday, pressured by the prospect of slowing oil demand growth in China and Europe, while a strong dollar and ample supplies pushed U.S. prices to a seven-month low.
MARKET NEWS
* The dollar rose to its highest this year against the yen on Tuesday on strong U.S. manufacturing and construction data, while the euro slipped to a 12-month low on speculation the European Central Bank will move toward looser monetary policy.
RELATED
> Malaysia's August palm exports down 4.8 pct m/m-ITS
> Malaysia's August palm oil exports fell 5.0 pct-SGS
> U.S. corn, soy seen stable, eye on maturity -analysts
> USDA sets tariff rate quota for raw sugar at WTO minimum
> Colombia seeks to increase cocoa exports in short-supplied market
> Argentine farmers see grains surge if next president opens market
> Cargill buying ADM's chocolate unit in North American expansion
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Sept. 1-10 palm oil export data on Sept. 10
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-August palm oil stocks, exports and production on Sept. 10.
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 5218 +52.00 5172 5238 274422
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.13 +0.01 32.12 32.20 667
NYMEX CRUDE OCT4 93.11 +0.23 93.08 93.28 1806
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 up on Tuesday, lifted by gains in overseas
soy oil markets and on better-than-expected exports in August, although concerns
about higher edible oil supplies kept prices near five-and-a-half-year lows.
* U.S. grains fell on Tuesday, with wheat futures down more than 1 percent on pressure from plentiful global supplies and selling by investment funds on the first trading day of the month, analysts said.
* Brent crude oil futures fell to the lowest level in 16 months on Tuesday, pressured by the prospect of slowing oil demand growth in China and Europe, while a strong dollar and ample supplies pushed U.S. prices to a seven-month low.
MARKET NEWS
* The dollar rose to its highest this year against the yen on Tuesday on strong U.S. manufacturing and construction data, while the euro slipped to a 12-month low on speculation the European Central Bank will move toward looser monetary policy.
RELATED
> Malaysia's August palm exports down 4.8 pct m/m-ITS
> Malaysia's August palm oil exports fell 5.0 pct-SGS
> U.S. corn, soy seen stable, eye on maturity -analysts
> USDA sets tariff rate quota for raw sugar at WTO minimum
> Colombia seeks to increase cocoa exports in short-supplied market
> Argentine farmers see grains surge if next president opens market
> Cargill buying ADM's chocolate unit in North American expansion
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Sept. 1-10 palm oil export data on Sept. 10
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-August palm oil stocks, exports and production on Sept. 10.
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 5218 +52.00 5172 5238 274422
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.13 +0.01 32.12 32.20 667
NYMEX CRUDE OCT4 93.11 +0.23 93.08 93.28 1806
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