MARKET DEVELOPMENT
VEGOILS-Market Factors To Watch March 10
VEGOILS-Market Factors To Watch March 10
10/03/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures surged on Wednesday as leading industry analysts raised concerns over production due to dry weather in key producing countries and forecast a rally in prices in coming months.
* U.S. soybean and wheat futures rose on Wednesday, the sixth straight higher close for both commodities, as technical buying and short-covering pulled prices higher after they drifted into negative territory, traders said.
* Oil prices rose as much as 5 percent on Wednesday, with U.S. crude hitting three-month highs after a big gasoline inventory drawdown amid improving demand overshadowed growing record high crude stockpiles.
MARKET NEWS
* Oil prices resumed a more than month-long rally on Wednesday, helping to lift world stock markets, while the euro held steady ahead of this week's European Central Bank meeting.
RELATED
> FOB Gulf Grain-Spot corn, soy premiums up as CIF bids rise
> U.S. Cash Grains-Corn, soy basis steady at interior elevators
> Argentine 2015/16 soy crop seen at 59 mln tonnes-exchange
> European feeds-Soymeal up on positioning ahead of USDA reports
> USDA hikes outlook for 2015/16 sugar supplies on higher imports
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 0031 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 5134 +52.00 5116 5192 369780
CHINA SOYOIL MAY6 5712 +30.00 5692 5748 147422
CBOT SOY OIL MAY6 31.74 +17.30 0.00 0.00 0
INDIA PALM OIL MAR6 507.60 +17.30 491.70 509.90 3933
INDIA SOYOIL MAR6 613.60 +4.10 606.10 614.40 20190
NYMEX CRUDE APR6 38.22 -0.07 38.11 38.26 2769
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 surged on Wednesday as leading industry analysts raised concerns over production due to dry weather in key producing countries and forecast a rally in prices in coming months.
* U.S. soybean and wheat futures rose on Wednesday, the sixth straight higher close for both commodities, as technical buying and short-covering pulled prices higher after they drifted into negative territory, traders said.
* Oil prices rose as much as 5 percent on Wednesday, with U.S. crude hitting three-month highs after a big gasoline inventory drawdown amid improving demand overshadowed growing record high crude stockpiles.
MARKET NEWS
* Oil prices resumed a more than month-long rally on Wednesday, helping to lift world stock markets, while the euro held steady ahead of this week's European Central Bank meeting.
RELATED
> FOB Gulf Grain-Spot corn, soy premiums up as CIF bids rise
> U.S. Cash Grains-Corn, soy basis steady at interior elevators
> Argentine 2015/16 soy crop seen at 59 mln tonnes-exchange
> European feeds-Soymeal up on positioning ahead of USDA reports
> USDA hikes outlook for 2015/16 sugar supplies on higher imports
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 0031 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 5134 +52.00 5116 5192 369780
CHINA SOYOIL MAY6 5712 +30.00 5692 5748 147422
CBOT SOY OIL MAY6 31.74 +17.30 0.00 0.00 0
INDIA PALM OIL MAR6 507.60 +17.30 491.70 509.90 3933
INDIA SOYOIL MAR6 613.60 +4.10 606.10 614.40 20190
NYMEX CRUDE APR6 38.22 -0.07 38.11 38.26 2769
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