MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Nov 28
VEGOILS-Market Factors to Watch Nov 28
28/11/2014 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures fell on Thursday as crude oil prices plunged to their lowest in four years, stoking worries that the tropical oil may lose its appeal as an additive in biofuels, while rumours of palm cargo defaults in India spooked investors.
* 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.
* Brent crude oil plunged as much as $6.50 a barrel on Thursday, and U.S. crude fell by nearly as much, posting the steepest one-day falls since 2011, after OPEC decided against cutting output despite a huge oversupply in world markets.
MARKET NEWS
* Oil prices, oil-related shares and oil-linked currencies all tumbled in Asia on Friday, in the wake of OPEC's decision to refrain from cutting output despite a huge oversupply.
RELATED
> Santander vows to extend $10 bln in Brazil infrastructure credit
> IGC raises forecast for 2014/15 global corn crop
> Rains to intensify in Brazil's main coffee state over weekend - forecasters
> German agricultural trading group BayWa says expanding to Spain
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.
> Indonesian Palm Oil Conference and 2015 Price Outlook in Bandung, Indonesia from Nov. 26-28.
Palm, soy and crude oil prices at 0044 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 5260 -54.00 5256 5320 493736
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 33.66 -2.70 0.00 0.00 0
INDIA PALM OIL NOV4 440.30 -2.70 439.60 442.60 365
INDIA SOYOIL DEC4 580.80 -13.60 580.10 594.20 72945
NYMEX CRUDE JAN5 68.61 -5.08 67.75 73.56 247506
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 fell on Thursday as crude oil prices plunged to their lowest in four years, stoking worries that the tropical oil may lose its appeal as an additive in biofuels, while rumours of palm cargo defaults in India spooked investors.
* 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.
* Brent crude oil plunged as much as $6.50 a barrel on Thursday, and U.S. crude fell by nearly as much, posting the steepest one-day falls since 2011, after OPEC decided against cutting output despite a huge oversupply in world markets.
MARKET NEWS
* Oil prices, oil-related shares and oil-linked currencies all tumbled in Asia on Friday, in the wake of OPEC's decision to refrain from cutting output despite a huge oversupply.
RELATED
> Santander vows to extend $10 bln in Brazil infrastructure credit
> IGC raises forecast for 2014/15 global corn crop
> Rains to intensify in Brazil's main coffee state over weekend - forecasters
> German agricultural trading group BayWa says expanding to Spain
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.
> Indonesian Palm Oil Conference and 2015 Price Outlook in Bandung, Indonesia from Nov. 26-28.
Palm, soy and crude oil prices at 0044 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 5260 -54.00 5256 5320 493736
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL JAN5 33.66 -2.70 0.00 0.00 0
INDIA PALM OIL NOV4 440.30 -2.70 439.60 442.60 365
INDIA SOYOIL DEC4 580.80 -13.60 580.10 594.20 72945
NYMEX CRUDE JAN5 68.61 -5.08 67.75 73.56 247506
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