MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch May 14
VEGOILS-Market Factors to Watch May 14
14/05/2015 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures briefly touched a five-week top on Wednesday on worries an El Nino weather pattern would curb yields, but expectations of weaker export demand in the second half of the month kept a lid on gains.
* U.S. soybean futures rose slightly on short-covering on Wednesday after falling nearly 2 percent a day earlier when a U.S. Agriculture Department report projected domestic soy stocks would rise to a nine-year high.
* Oil prices fell after initially rallying on Wednesday as worries about huge supplies weighed on the market despite a second straight week of draws in U.S. crude.
MARKET NEWS
* The dollar index hit its lowest in more than three months while gold prices jumped on Wednesday as weaker-than-expected U.S. retail sales bolstered confidence the Federal Reserve will hold off raising rates soon.
RELATED
> New global grain giant takes shape with COFCO, CIC venture
> Louis Dreyfus unit to hold strong against U.S.-Mexico trade deal
> Breakingviews-Big Agriculture can weather foodie feedback loop
> Ivory Coast to match last season's record cocoa crop-finmin source
> Peru on alert for moderate El Nino this year
> Brazil seen increasing sugar, ethanol output in 2015/16 -Datagro
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's May 1-15 palm oil exports on May 15.
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 briefly touched a five-week top on Wednesday on worries an El Nino weather pattern would curb yields, but expectations of weaker export demand in the second half of the month kept a lid on gains.
* U.S. soybean futures rose slightly on short-covering on Wednesday after falling nearly 2 percent a day earlier when a U.S. Agriculture Department report projected domestic soy stocks would rise to a nine-year high.
* Oil prices fell after initially rallying on Wednesday as worries about huge supplies weighed on the market despite a second straight week of draws in U.S. crude.
MARKET NEWS
* The dollar index hit its lowest in more than three months while gold prices jumped on Wednesday as weaker-than-expected U.S. retail sales bolstered confidence the Federal Reserve will hold off raising rates soon.
RELATED
> New global grain giant takes shape with COFCO, CIC venture
> Louis Dreyfus unit to hold strong against U.S.-Mexico trade deal
> Breakingviews-Big Agriculture can weather foodie feedback loop
> Ivory Coast to match last season's record cocoa crop-finmin source
> Peru on alert for moderate El Nino this year
> Brazil seen increasing sugar, ethanol output in 2015/16 -Datagro
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia's May 1-15 palm oil exports on May 15.
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