MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Nov 27 Thursday
Vegoils: Market Factors to Watch Nov 27 Thursday
27/11/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Wednesday, reversing losses from the early session as a round of technical buying and short covering underpinned it, although a drop in crude oil prices and a stronger ringgit limited gains.
* U.S. wheat rose to its highest in more than a week on Wednesday, up for a second straight session on technical buying coupled with concerns about global production prospects, traders said.
* Oil prices fell on Wednesday after OPEC increased signals that it would hold off making any major production cuts this week.
MARKET NEWS
* The dollar fell on Wednesday after disappointing U.S. home sales data, but global equity markets edged higher on hopes for more stimulus from the European Central Bank and the prospect that stocks may be a better investment than other alternatives.
RELATED
> Pakistani importers buy about 137,000 T canola -trade
> China soy imports may take a hit as product prices tumble, margins dip
> Ontario's curbs on insecticide may protect bees but diminish crops
> Argentine presidential aspirant Massa says would cut back state controls
> Canadian condo seller taps China edible oil demand
> Record heavy cattle won't ground sky-high beef prices
> South Korean mill Samyang buys 31,000 T of U.S. wheat
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's November palm oil exports on Dec. 1.
Palm, soy and crude oil prices at 0047 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 5324 -4.00 5318 5336 235030
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 33.66 +0.20 0.00 0.00 0
INDIA PALM OIL NOV4 442.80 +0.20 441.60 443.20 259
INDIA SOYOIL DEC4 594.70 +1.75 588.50 594.90 45115
NYMEX CRUDE JAN5 73.15 -0.54 72.87 73.56 3069
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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Wednesday, reversing losses from the early session as a round of technical buying and short covering underpinned it, although a drop in crude oil prices and a stronger ringgit limited gains.
* U.S. wheat rose to its highest in more than a week on Wednesday, up for a second straight session on technical buying coupled with concerns about global production prospects, traders said.
* Oil prices fell on Wednesday after OPEC increased signals that it would hold off making any major production cuts this week.
MARKET NEWS
* The dollar fell on Wednesday after disappointing U.S. home sales data, but global equity markets edged higher on hopes for more stimulus from the European Central Bank and the prospect that stocks may be a better investment than other alternatives.
RELATED
> Pakistani importers buy about 137,000 T canola -trade
> China soy imports may take a hit as product prices tumble, margins dip
> Ontario's curbs on insecticide may protect bees but diminish crops
> Argentine presidential aspirant Massa says would cut back state controls
> Canadian condo seller taps China edible oil demand
> Record heavy cattle won't ground sky-high beef prices
> South Korean mill Samyang buys 31,000 T of U.S. wheat
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's November palm oil exports on Dec. 1.
Palm, soy and crude oil prices at 0047 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 5324 -4.00 5318 5336 235030
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 33.66 +0.20 0.00 0.00 0
INDIA PALM OIL NOV4 442.80 +0.20 441.60 443.20 259
INDIA SOYOIL DEC4 594.70 +1.75 588.50 594.90 45115
NYMEX CRUDE JAN5 73.15 -0.54 72.87 73.56 3069
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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel