MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Feb 24
VEGOILS-Market Factors to Watch Feb 24
24/02/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures dropped for a fourth straight session on Tuesday to hit their lowest level in more than two weeks, after data from a palm millers' body showed an unexpected rise in production.
* Chicago Board of Trade wheat futures sank 1.4 percent on Tuesday to their lowest in nearly six years, weighed down by huge global supplies and spillover weakness from falling crude oil, traders said.
* Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.
MARKET NEWS
* Asian shares were on the back foot on Wednesday as a nascent recovery in the oil market lost momentum after Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts by major producers anytime soon.
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> EXCLUSIVE-China to toughen standard on Canadian canola shipments
> Malaysia durian farmers demand mining clampdown
> PREVIEW-U.S. farmers seen betting on corn amid weak price outlook
> Saudi's Naimi rules out production cuts; sees 'freeze' expanding
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Feb 1-25 palm oil export data on Feb 25.
> Cargo surveyor SGS releases Malaysia's Feb 1-25 palm oil export data on Feb 25.
Palm, soy and crude oil prices at 0039 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
MY PALM OIL MAY6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 4962 -50.00 4956 5022 353694
CHINA SOYOIL MAY6 5700 -40.00 5696 5766 185430
CBOT SOY OIL MAR6 30.75 -3.10 0.00 0.00 0
INDIA PALM OIL FEB6 481.00 -3.10 480.90 484.60 1821
INDIA SOYOIL MAR6 620.00 -5.80 620.00 625.00 49820
NYMEX CRUDE APR6 31.44 -0.43 31.25 31.52 11765
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 dropped for a fourth straight session on Tuesday to hit their lowest level in more than two weeks, after data from a palm millers' body showed an unexpected rise in production.
* Chicago Board of Trade wheat futures sank 1.4 percent on Tuesday to their lowest in nearly six years, weighed down by huge global supplies and spillover weakness from falling crude oil, traders said.
* Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.
MARKET NEWS
* Asian shares were on the back foot on Wednesday as a nascent recovery in the oil market lost momentum after Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts by major producers anytime soon.
RELATED
> Soaring sugar bucks commodities slump as El Nino fans supply concerns
> EXCLUSIVE-China to toughen standard on Canadian canola shipments
> Malaysia durian farmers demand mining clampdown
> PREVIEW-U.S. farmers seen betting on corn amid weak price outlook
> Saudi's Naimi rules out production cuts; sees 'freeze' expanding
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Feb 1-25 palm oil export data on Feb 25.
> Cargo surveyor SGS releases Malaysia's Feb 1-25 palm oil export data on Feb 25.
Palm, soy and crude oil prices at 0039 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR6 0 +0.00 0 0 0
MY PALM OIL APR6 0 +0.00 0 0 0
MY PALM OIL MAY6 0 +0.00 0 0 0
CHINA PALM OLEIN MAY6 4962 -50.00 4956 5022 353694
CHINA SOYOIL MAY6 5700 -40.00 5696 5766 185430
CBOT SOY OIL MAR6 30.75 -3.10 0.00 0.00 0
INDIA PALM OIL FEB6 481.00 -3.10 480.90 484.60 1821
INDIA SOYOIL MAR6 620.00 -5.80 620.00 625.00 49820
NYMEX CRUDE APR6 31.44 -0.43 31.25 31.52 11765
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