MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch March 17
VEGOILS-Market Factors to Watch March 17
17/03/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures recovered losses from early trade and nudged higher on Wednesday due to expectations of lower output growth from a crop damaging El Nino.
* Chicago Board of Trade wheat futures fell for the second straight day on Wednesday on pressure from light export demand and some easing concerns about weather damage to the developing U.S. crop, traders said.
* U.S. oil prices jumped almost 6 percent on Wednesday, erasing losses of the past two days, after major producers firmed up plans to meet in Qatar to discuss an output freeze and U.S. crude stockpiles grew less than expected.
MARKET NEWS
* Asian shares gained early on Thursday and the dollar was on the defensive after suffering substantial losses following the U.S. Federal Reserve's move to reduce the number of interest rate hikes planned for this year.
RELATED
> Future of Egypt's wheat supplies hangs on FAO analysis -Ag minister
> India "not scared" if Monsanto leaves, as GM cotton row escalates
> Thailand to sell stockpiled rice in second auction of the year
> Australia dumps "backpacker tax" over farm, Asia export concerns
> With or without Iran, oil producers to meet in April on output 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 0027 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 5218 +10.00 5192 5228 320782
CHINA SOYOIL SEP6 5894 +8.00 5858 5902 168698
CBOT SOY OIL MAY6 32.67 -2.90 32.65 32.69 771
INDIA PALM OIL MAR6 508.00 -2.90 506.20 509 796
INDIA SOYOIL MAR6 614.25 -2.65 613.5 614.5 1100
NYMEX CRUDE APR6 39.25 +0.79 38.47 39.38 14820
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 recovered losses from early trade and nudged higher on Wednesday due to expectations of lower output growth from a crop damaging El Nino.
* Chicago Board of Trade wheat futures fell for the second straight day on Wednesday on pressure from light export demand and some easing concerns about weather damage to the developing U.S. crop, traders said.
* U.S. oil prices jumped almost 6 percent on Wednesday, erasing losses of the past two days, after major producers firmed up plans to meet in Qatar to discuss an output freeze and U.S. crude stockpiles grew less than expected.
MARKET NEWS
* Asian shares gained early on Thursday and the dollar was on the defensive after suffering substantial losses following the U.S. Federal Reserve's move to reduce the number of interest rate hikes planned for this year.
RELATED
> Future of Egypt's wheat supplies hangs on FAO analysis -Ag minister
> India "not scared" if Monsanto leaves, as GM cotton row escalates
> Thailand to sell stockpiled rice in second auction of the year
> Australia dumps "backpacker tax" over farm, Asia export concerns
> With or without Iran, oil producers to meet in April on output 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 0027 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 5218 +10.00 5192 5228 320782
CHINA SOYOIL SEP6 5894 +8.00 5858 5902 168698
CBOT SOY OIL MAY6 32.67 -2.90 32.65 32.69 771
INDIA PALM OIL MAR6 508.00 -2.90 506.20 509 796
INDIA SOYOIL MAR6 614.25 -2.65 613.5 614.5 1100
NYMEX CRUDE APR6 39.25 +0.79 38.47 39.38 14820
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