MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch March 9
VEGOILS-Market Factors to Watch March 9
09/03/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures eased on Tuesday, following losses in soyoil, though the downside was restricted by a drop in the ringgit and hopes that top-producing countries will now use more tropical oil for biodiesel production.
* U.S. grain futures edged higher on Tuesday on concerns that unfavourable crop weather could threaten domestic production, as markets temporarily shook off the weight of massive global inventories.
* Oil prices fell 3 percent on Tuesday, ending six days of gains for benchmark Brent crude, as Goldman Sachs suggested the rally was unsustainable and industry data showed U.S. stockpiles reached record highs again last week.
MARKET NEWS
* Asian shares stepped back further from two-month highs on Wednesday as a retreat in oil prices and weak Chinese trade data revived concerns about the health of the global economy.
RELATED
> FOB Gulf Grain-Corn premiums steady/up on spot demand, firm CIF
> INTERVIEW-Brazil fertilizer sales show early strength in 2016 -Mosaic
> U.S. Cash Grains-Corn, soybean basis mostly steady to higher
> European feeds-Soymeal falls on light demand, harvest pressure
> European vegoils-Palm oil down on lower ringgit, energy market
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-10 palm oil export data on March 10.
> Cargo surveyor SGS releases Malaysia's March 1-10 palm oil export data on March 10.
Palm, soy and crude oil prices at 0045 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 5046 -80.00 5034 5114 366688
CHINA SOYOIL MAY6 5646 -82.00 5646 5724 153462
CBOT SOY OIL MAY6 31.14 +0.50 0.00 0.00 0
INDIA PALM OIL MAR6 489.40 +0.50 486.00 491.50 1713
INDIA SOYOIL MAR6 608.75 +0.15 606.00 611.00 17450
NYMEX CRUDE APR6 36.48 -0.02 36.24 36.55 10503
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 eased on Tuesday, following losses in soyoil, though the downside was restricted by a drop in the ringgit and hopes that top-producing countries will now use more tropical oil for biodiesel production.
* U.S. grain futures edged higher on Tuesday on concerns that unfavourable crop weather could threaten domestic production, as markets temporarily shook off the weight of massive global inventories.
* Oil prices fell 3 percent on Tuesday, ending six days of gains for benchmark Brent crude, as Goldman Sachs suggested the rally was unsustainable and industry data showed U.S. stockpiles reached record highs again last week.
MARKET NEWS
* Asian shares stepped back further from two-month highs on Wednesday as a retreat in oil prices and weak Chinese trade data revived concerns about the health of the global economy.
RELATED
> FOB Gulf Grain-Corn premiums steady/up on spot demand, firm CIF
> INTERVIEW-Brazil fertilizer sales show early strength in 2016 -Mosaic
> U.S. Cash Grains-Corn, soybean basis mostly steady to higher
> European feeds-Soymeal falls on light demand, harvest pressure
> European vegoils-Palm oil down on lower ringgit, energy market
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-10 palm oil export data on March 10.
> Cargo surveyor SGS releases Malaysia's March 1-10 palm oil export data on March 10.
Palm, soy and crude oil prices at 0045 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 5046 -80.00 5034 5114 366688
CHINA SOYOIL MAY6 5646 -82.00 5646 5724 153462
CBOT SOY OIL MAY6 31.14 +0.50 0.00 0.00 0
INDIA PALM OIL MAR6 489.40 +0.50 486.00 491.50 1713
INDIA SOYOIL MAR6 608.75 +0.15 606.00 611.00 17450
NYMEX CRUDE APR6 36.48 -0.02 36.24 36.55 10503
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