MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Wednesday March 12
Vegoils: Market Factors to Watch Wednesday March 12
12/03/2015 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday March 12.
FUNDAMENTALS
* Malaysian palm oil futures snapped a five-day losing streak on Wednesday as the ringgit slid to its weakest in six years, although gains were capped by palm's narrowing discount to rival soyoil.
* U.S. wheat futures rose 1.2 percent to a one-week high on Wednesday, extending four-day gains to nearly 4 percent on short-covering and concerns about dry weather in U.S. growing regions.
* Benchmark Brent oil jumped 2 percent on Wednesday, rebounding from a one-month low and widening its gap to U.S. crude, which closed slightly down after a new record high for oil inventories in the United States.
MARKET NEWS
* The euro slumped to a 12-year low against the dollar on Wednesday, driving European stocks higher as shares of big exporters gained, while U.S. stocks slipped on concern over when the Federal Reserve would begin to raise U.S. interest rates.
RELATED
> Dry weather, costly fertilizer may hurt Brazil, Ukraine corn output
> LatAm, Black Sea grain producers seen boosting output on weak currencies
> Biofuels group calls for U.S. policy change
> Raw sugar turns up from 6-yr low, NY cocoa down for 6th day
> U.S. soy plantings expected at record 86.1 mln acres -Allendale
> Argentine farmers strike to protest leftist government policies
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's March 1-15 palm oil exports on March 16.
Palm, soy and crude oil prices at 0452 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 2240 -24.00 2230 2254 29
MY PALM OIL MAR5 2228 -19.00 2220 2249 388
MY PALM OIL APR5 2210 -20.00 2202 2222 7986
CHINA PALM OLEIN MAY5 4846 -22.00 4844 4874 180294
CHINA SOYOIL MAY5 5514 -52.00 5508 5562 240078
CBOT SOY OIL MAR5 31.48 -3.50 31.47 31.57 2367
INDIA PALM OIL JAN5 434.90 -3.50 434.00 439.50 488
INDIA SOYOIL FEB5 616.00 -9.00 615.70 624.80 50145
NYMEX CRUDE MAR5 45.06 -0.53 44.35 45.35 25835
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 snapped a five-day losing streak on Wednesday as the ringgit slid to its weakest in six years, although gains were capped by palm's narrowing discount to rival soyoil.
* U.S. wheat futures rose 1.2 percent to a one-week high on Wednesday, extending four-day gains to nearly 4 percent on short-covering and concerns about dry weather in U.S. growing regions.
* Benchmark Brent oil jumped 2 percent on Wednesday, rebounding from a one-month low and widening its gap to U.S. crude, which closed slightly down after a new record high for oil inventories in the United States.
MARKET NEWS
* The euro slumped to a 12-year low against the dollar on Wednesday, driving European stocks higher as shares of big exporters gained, while U.S. stocks slipped on concern over when the Federal Reserve would begin to raise U.S. interest rates.
RELATED
> Dry weather, costly fertilizer may hurt Brazil, Ukraine corn output
> LatAm, Black Sea grain producers seen boosting output on weak currencies
> Biofuels group calls for U.S. policy change
> Raw sugar turns up from 6-yr low, NY cocoa down for 6th day
> U.S. soy plantings expected at record 86.1 mln acres -Allendale
> Argentine farmers strike to protest leftist government policies
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's March 1-15 palm oil exports on March 16.
Palm, soy and crude oil prices at 0452 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 2240 -24.00 2230 2254 29
MY PALM OIL MAR5 2228 -19.00 2220 2249 388
MY PALM OIL APR5 2210 -20.00 2202 2222 7986
CHINA PALM OLEIN MAY5 4846 -22.00 4844 4874 180294
CHINA SOYOIL MAY5 5514 -52.00 5508 5562 240078
CBOT SOY OIL MAR5 31.48 -3.50 31.47 31.57 2367
INDIA PALM OIL JAN5 434.90 -3.50 434.00 439.50 488
INDIA SOYOIL FEB5 616.00 -9.00 615.70 624.80 50145
NYMEX CRUDE MAR5 45.06 -0.53 44.35 45.35 25835
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