MARKET DEVELOPMENT
Vegoils: Market Factors to Watch Tuesday March 3
Vegoils: Market Factors to Watch Tuesday March 3
03/03/2015 (The Star) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday March 3.
FUNDAMENTALS
* Malaysian palm oil futures rose for a third day on Monday to their highest in six weeks, spurred by gains in competing markets, ahead of an important industry meeting in Malaysia, traders said.
* U.S. wheat futures dropped 2.5 percent on Monday on poor export demand and lessened concerns about damage to the dormant U.S. crop, traders said.
* Brent futures fell 5 percent, its most in a month, on Monday as speculation of a nuclear deal that could lift Iran's sanctions and boost its oil exports brought worries about high supplies back to the market.
MARKET NEWS
* The U.S. dollar hovered close to an 11-year high against a basket of currencies while Asian shares firmed in early trade on Tuesday, with sentiment bolstered by another record day on Wall Street.
RELATED
> Malaysia's February palm oil exports fell 10.4 pct -SGS
> As palm industry meets, price direction rests on crude oil
> Malaysia's February palm exports down 14.5 pct m/m -ITS
> Argentina tracks soy hoarding by registering 'silo-bag' sales
> U.S. farmers book new-crop soy sales on surprise rally
> Venezuela coffee output sinks, swaps oil for Nicaraguan beans
> Heat and dry weather could threaten Ivory Coast cocoa mid-crop
> Raw sugar hits 5-month low, arabica weakest in a year
> Egypt's GASC buys 110,000 tonnes Russian and Ukrainian wheat
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's February palm oil exports on March 2.
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 rose for a third day on Monday to their highest in six weeks, spurred by gains in competing markets, ahead of an important industry meeting in Malaysia, traders said.
* U.S. wheat futures dropped 2.5 percent on Monday on poor export demand and lessened concerns about damage to the dormant U.S. crop, traders said.
* Brent futures fell 5 percent, its most in a month, on Monday as speculation of a nuclear deal that could lift Iran's sanctions and boost its oil exports brought worries about high supplies back to the market.
MARKET NEWS
* The U.S. dollar hovered close to an 11-year high against a basket of currencies while Asian shares firmed in early trade on Tuesday, with sentiment bolstered by another record day on Wall Street.
RELATED
> Malaysia's February palm oil exports fell 10.4 pct -SGS
> As palm industry meets, price direction rests on crude oil
> Malaysia's February palm exports down 14.5 pct m/m -ITS
> Argentina tracks soy hoarding by registering 'silo-bag' sales
> U.S. farmers book new-crop soy sales on surprise rally
> Venezuela coffee output sinks, swaps oil for Nicaraguan beans
> Heat and dry weather could threaten Ivory Coast cocoa mid-crop
> Raw sugar hits 5-month low, arabica weakest in a year
> Egypt's GASC buys 110,000 tonnes Russian and Ukrainian wheat
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's February palm oil exports on March 2.
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