MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Oct 30
VEGOILS-Market Factors to Watch Oct 30
30/10/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil climbed to its highest level in almost 12 weeks on Wednesday, supported by gains in competing oilseed markets and on expectations the country's palm oil demand would increase because of a new biodiesel policy, traders said.
* U.S. soymeal surged nearly 6 percent on Wednesday, increasing this week's gains to the largest in six years as a slow start to a record soybean harvest coupled with slow traffic on the nation's railroads forced crushing plants to cover short cash positions in the futures market.
* Oil prices closed higher on Wednesday for a second day in a row after data showed U.S. crude stockpiles rose less than expected last week, ending two weeks of builds that pressured the market.
MARKET NEWS
* U.S. stocks fell while the dollar and government bond yields rose on Wednesday after the Federal Reserve announced the end of its stimulus program in a statement that also noted improvement in the U.S. labor market.
RELATED
> Palm prices seen rising to 2,300-2,500 rgt in Jan-March -Mielke
> Palm prices to be capped at 2,300 rgt if Brent falls to $85 -Fry
> Palm prices to rise to 2,500 ringgit by March as output eases -Mistry
> Taiwan finance minister warns against extending credit to Ting Hsin amid tainted oil scandal
> Cotton futures rally on chart signals, strong grains markets
> ADM Germany sees higher EU corn crop in 2014
> Euronext to launch rapeseed meal, oil futures on Nov.
> India lifts domestic wheat purchase price by 3.6 pct
> Brazil coffee areas dry for now, soy gets scattered showers
> Russia may see fall in 2015 wheat crop -analyst
> Sifca, EDF to invest 100 mln euros in power stations in Ivory Coast
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's October palm oil exports on Oct. 31.
Palm, soy and crude oil prices at 0027 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV4 0 +0.00 0 0 0
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5362 +150.00 5296 5374 699082
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 34.20 +0.02 34.13 34.30 1170
NYMEX CRUDE DEC4 81.84 -0.36 81.78 82.05 1639
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 climbed to its highest level in almost 12 weeks on Wednesday, supported by gains in competing oilseed markets and on expectations the country's palm oil demand would increase because of a new biodiesel policy, traders said.
* U.S. soymeal surged nearly 6 percent on Wednesday, increasing this week's gains to the largest in six years as a slow start to a record soybean harvest coupled with slow traffic on the nation's railroads forced crushing plants to cover short cash positions in the futures market.
* Oil prices closed higher on Wednesday for a second day in a row after data showed U.S. crude stockpiles rose less than expected last week, ending two weeks of builds that pressured the market.
MARKET NEWS
* U.S. stocks fell while the dollar and government bond yields rose on Wednesday after the Federal Reserve announced the end of its stimulus program in a statement that also noted improvement in the U.S. labor market.
RELATED
> Palm prices seen rising to 2,300-2,500 rgt in Jan-March -Mielke
> Palm prices to be capped at 2,300 rgt if Brent falls to $85 -Fry
> Palm prices to rise to 2,500 ringgit by March as output eases -Mistry
> Taiwan finance minister warns against extending credit to Ting Hsin amid tainted oil scandal
> Cotton futures rally on chart signals, strong grains markets
> ADM Germany sees higher EU corn crop in 2014
> Euronext to launch rapeseed meal, oil futures on Nov.
> India lifts domestic wheat purchase price by 3.6 pct
> Brazil coffee areas dry for now, soy gets scattered showers
> Russia may see fall in 2015 wheat crop -analyst
> Sifca, EDF to invest 100 mln euros in power stations in Ivory Coast
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's October palm oil exports on Oct. 31.
Palm, soy and crude oil prices at 0027 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV4 0 +0.00 0 0 0
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5362 +150.00 5296 5374 699082
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 34.20 +0.02 34.13 34.30 1170
NYMEX CRUDE DEC4 81.84 -0.36 81.78 82.05 1639
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