MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch March 24
VEGOILS-Market Factors to Watch March 24
24/03/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures fell on Wednesday for the first time in five sessions, dropping from a two-year high in the previous session, as the market corrected on a stronger ringgit MYR= and declines in competing vegetable oils traded in overseas markets.
* U.S. grain and oilseed prices fell on Wednesday, with soybeans retreating from five-month highs as investors took profits and as a rising dollar .DXY made the commodities more expensive in global markets.
* Oil prices tumbled 4 percent on Wednesday, with U.S crude settling below the key $40 per barrel mark after a sixth straight week of record highs in stockpiles that traders warned could cut short the market's two-month long rally.
MARKET NEWS
* Global equity markets fell and the dollar advanced on Wednesday as hawkish comments by Federal Reserve officials put investors on guard for the possibility of more U.S. interest rate hikes this year than currently anticipated.
RELATED
> Big Corn finds unlikely allies in US biofuel push: carmakers and drivers
> New titans on the block: ABCDs lose top Brazil grains spot to Asian rivals
> Egypt supply minister says close to wiping out graft in wheat sector
> Oil down 4 pct; U.S. stockpile build threatens market recovery
> Indonesia Feb palm oil production seen at lowest in a year
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-25 palm oil export data on March 25.
> Cargo surveyor SGS releases Malaysia's March 1-25 palm oil export data on March 25.
Palm, soy and crude oil prices at 0031 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 5340 -126.00 5328 5416 516512
CHINA SOYOIL SEP6 5936 -118.00 5932 6010 316034
CBOT SOY OIL MAY6 33.41 -1.90 33.36 33.42 280
INDIA PALM OIL MAR6 515.30 -1.90 513.50 517.5 1440
INDIA SOYOIL APR6 633.05 -4.95 632.5 639.5 49230
NYMEX CRUDE MAY6 39.52 -0.27 39.45 39.76 7347
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 fell on Wednesday for the first time in five sessions, dropping from a two-year high in the previous session, as the market corrected on a stronger ringgit MYR= and declines in competing vegetable oils traded in overseas markets.
* U.S. grain and oilseed prices fell on Wednesday, with soybeans retreating from five-month highs as investors took profits and as a rising dollar .DXY made the commodities more expensive in global markets.
* Oil prices tumbled 4 percent on Wednesday, with U.S crude settling below the key $40 per barrel mark after a sixth straight week of record highs in stockpiles that traders warned could cut short the market's two-month long rally.
MARKET NEWS
* Global equity markets fell and the dollar advanced on Wednesday as hawkish comments by Federal Reserve officials put investors on guard for the possibility of more U.S. interest rate hikes this year than currently anticipated.
RELATED
> Big Corn finds unlikely allies in US biofuel push: carmakers and drivers
> New titans on the block: ABCDs lose top Brazil grains spot to Asian rivals
> Egypt supply minister says close to wiping out graft in wheat sector
> Oil down 4 pct; U.S. stockpile build threatens market recovery
> Indonesia Feb palm oil production seen at lowest in a year
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's March 1-25 palm oil export data on March 25.
> Cargo surveyor SGS releases Malaysia's March 1-25 palm oil export data on March 25.
Palm, soy and crude oil prices at 0031 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 5340 -126.00 5328 5416 516512
CHINA SOYOIL SEP6 5936 -118.00 5932 6010 316034
CBOT SOY OIL MAY6 33.41 -1.90 33.36 33.42 280
INDIA PALM OIL MAR6 515.30 -1.90 513.50 517.5 1440
INDIA SOYOIL APR6 633.05 -4.95 632.5 639.5 49230
NYMEX CRUDE MAY6 39.52 -0.27 39.45 39.76 7347
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