MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Nov 20 Thursday
Vegoils: Market Factors to Watch Nov 20 Thursday
20/11/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil edged down on Wednesday, tracking declines in competing vegetable oil markets as traders took profits, but supported by weakness in the ringgit.
* U.S. corn and soybeans tumbled to two-week lows on Wednesday, extending steep declines from the previous session as record harvests neared completion and investors took profits after recent multimonth highs.
* Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC output cut vanished after the Federal Reserve released minutes of last month's policy meeting revealing worries that U.S. inflation could remain below target for "quite some time."
MARKET NEWS
* The dollar hit a seven-year high against the yen on Wednesday and U.S. Treasury yields rose after minutes from the latest Federal Reserve meeting showed policy-makers remained worried about the global outlook, leaving them in a dovish stance.
RELATED
> US farmers set to get huge government payouts despite bumper harvest
> UPDATE 1-Heavy rain due in Brazil coffee belt next week -forecasts
> Land-grabbing by powerful rife in Afghanistan - watchdog
> Iraq tenders to buy a minimum 10,000 T sunflower oil - trade
> Dry weather to trim Indonesia's 2014 palm oil output gains -industry
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Nov. 1-20 palm oil exports on Nov. 20.
Palm, soy and crude oil prices at 0014 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
MY PALM OIL FEB5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 5322 -30.00 5308 5352 417266
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.51 -1.80 0.00 0.00 0
INDIA PALM OIL NOV4 445.50 -1.80 444.60 448.50 440
INDIA SOYOIL NOV4 570.80 -2.20 570.30 572.50 1535
NYMEX CRUDE DEC4 74.39 -0.19 74.25 74.39 291
FUNDAMENTALS
* Malaysian palm oil edged down on Wednesday, tracking declines in competing vegetable oil markets as traders took profits, but supported by weakness in the ringgit.
* U.S. corn and soybeans tumbled to two-week lows on Wednesday, extending steep declines from the previous session as record harvests neared completion and investors took profits after recent multimonth highs.
* Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC output cut vanished after the Federal Reserve released minutes of last month's policy meeting revealing worries that U.S. inflation could remain below target for "quite some time."
MARKET NEWS
* The dollar hit a seven-year high against the yen on Wednesday and U.S. Treasury yields rose after minutes from the latest Federal Reserve meeting showed policy-makers remained worried about the global outlook, leaving them in a dovish stance.
RELATED
> US farmers set to get huge government payouts despite bumper harvest
> UPDATE 1-Heavy rain due in Brazil coffee belt next week -forecasts
> Land-grabbing by powerful rife in Afghanistan - watchdog
> Iraq tenders to buy a minimum 10,000 T sunflower oil - trade
> Dry weather to trim Indonesia's 2014 palm oil output gains -industry
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's Nov. 1-20 palm oil exports on Nov. 20.
Palm, soy and crude oil prices at 0014 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
MY PALM OIL FEB5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 5322 -30.00 5308 5352 417266
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.51 -1.80 0.00 0.00 0
INDIA PALM OIL NOV4 445.50 -1.80 444.60 448.50 440
INDIA SOYOIL NOV4 570.80 -2.20 570.30 572.50 1535
NYMEX CRUDE DEC4 74.39 -0.19 74.25 74.39 291