MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch March 16
VEGOILS-Market Factors to Watch March 16
16/03/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose on Tuesday as expectations of lower production and a weaker ringgit underpinned prices, shrugging off an announcement of a 5 percent tax on crude palm oil (CPO) exports that could hurt demand.
* U.S. soybean futures fell on Tuesday, setting back from their highest since Dec. 7 on dry weather in South America that will allow farmers to accelerate the harvest of what is expected to be a huge crop, traders said.
* Oil settled 2 percent lower on Tuesday as the market yielded to technical pressure and worries that U.S. crude stockpiles were still growing amid falling output and refinery maintenance.
MARKET NEWS
* Asian shares were mixed on Wednesday while the dollar dithered as markets waited anxiously for the Federal Reserve to provide guidance on the risk of U.S. rate hikes this year.
RELATED
> Malaysia's Mar 1-15 palm oil exports fell 1.1 pct -SGS
> Malaysia's March 1-15 palm oil exports up 10.5 pct m/m -ITS
> Malaysia hikes April CPO export duty after 11 months of zero tax
> China 2016 steel prices to fall 10 pct on oversupply - S&P
> Rejected suitor for Australia's CBH to push for EGM to revive deal
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-20 palm oil export data on March 21.
> Cargo surveyor SGS releases Malaysia's March 1-20 palm oil export data on March 21.
Palm, soy and crude oil prices at 0036 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR6 0 +0.00 0 0 0
MY PALM OIL MAY6 0 +0.00 0 0 0
MY PALM OIL JUN6 0 +0.00 0 0 0
CHINA PALM OLEIN SEP6 5240 +38.00 5190 5246 467174
CHINA SOYOIL SEP6 5906 +22.00 5872 5916 264044
CBOT SOY OIL MAY6 32.59 +5.20 32.46 32.59 605
INDIA PALM OIL MAR6 511.00 +5.20 504.60 511.9 3091
INDIA SOYOIL MAR6 616.5 +4.90 611.8 617.5 4240
NYMEX CRUDE APR6 36.99 +0.65 36.71 37.06 5952
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 on Tuesday as expectations of lower production and a weaker ringgit underpinned prices, shrugging off an announcement of a 5 percent tax on crude palm oil (CPO) exports that could hurt demand.
* U.S. soybean futures fell on Tuesday, setting back from their highest since Dec. 7 on dry weather in South America that will allow farmers to accelerate the harvest of what is expected to be a huge crop, traders said.
* Oil settled 2 percent lower on Tuesday as the market yielded to technical pressure and worries that U.S. crude stockpiles were still growing amid falling output and refinery maintenance.
MARKET NEWS
* Asian shares were mixed on Wednesday while the dollar dithered as markets waited anxiously for the Federal Reserve to provide guidance on the risk of U.S. rate hikes this year.
RELATED
> Malaysia's Mar 1-15 palm oil exports fell 1.1 pct -SGS
> Malaysia's March 1-15 palm oil exports up 10.5 pct m/m -ITS
> Malaysia hikes April CPO export duty after 11 months of zero tax
> China 2016 steel prices to fall 10 pct on oversupply - S&P
> Rejected suitor for Australia's CBH to push for EGM to revive deal
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-20 palm oil export data on March 21.
> Cargo surveyor SGS releases Malaysia's March 1-20 palm oil export data on March 21.
Palm, soy and crude oil prices at 0036 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR6 0 +0.00 0 0 0
MY PALM OIL MAY6 0 +0.00 0 0 0
MY PALM OIL JUN6 0 +0.00 0 0 0
CHINA PALM OLEIN SEP6 5240 +38.00 5190 5246 467174
CHINA SOYOIL SEP6 5906 +22.00 5872 5916 264044
CBOT SOY OIL MAY6 32.59 +5.20 32.46 32.59 605
INDIA PALM OIL MAR6 511.00 +5.20 504.60 511.9 3091
INDIA SOYOIL MAR6 616.5 +4.90 611.8 617.5 4240
NYMEX CRUDE APR6 36.99 +0.65 36.71 37.06 5952
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