MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Aug 18
VEGOILS-Market Factors to Watch Aug 18
18/08/2016 (Reuters) – The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures notched up their strongest gains in over 10 months, closing more than 4 percent higher on Wednesday, as tight supplies lent support to the market.
* U.S. soybean futures rose to their highest in nearly four weeks on Wednesday on strong demand from China, the world's top buyer of the oilseed, traders said.
* Oil's rally extended for a fifth day on Wednesday, helped by a weaker dollar and an unexpected drawdown in U.S. crude and gasoline but traders said the run up may not last, pointing to galloping Saudi output and technical factors.
MARKET NEWS
* Wall Street stocks turned positive while the dollar edged lower on Wednesday after minutes from the Federal Reserve's July meeting showed policymakers may be on the road to raising U.S. interest rates but will need to see more economic data before pulling the trigger.
RELATED
> Saudi signals it may hit new oil output record ahead of freeze talks -sources
> U.S. crude stocks fall unexpectedly in week - EIA
> Ukraine sees high 2016 grain harvest, record exports
> France wheat imports set to continue after poor crop
> Nestle fights to keep coffee crown from keen competitors
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Aug 1-20 palm oil export data on Aug 20.
> Cargo surveyor SGS releases Malaysia's Aug 1-20 palm oil export data on Aug 20.
Palm, soy and crude oil prices at 0029 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP6 0 +0.00 0 0 0
MY PALM OIL OCT6 0 +0.00 0 0 0
MY PALM OIL NOV6 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 5592 +60.00 5546 5606 497920
CHINA SOYOIL JAN7 6448 +70.00 6370 6464 414356
CBOT SOY OIL DEC6 34.48 +15.10 34.43 34.53 502
INDIA PALM OIL AUG6 572.10 +15.10 561.30 573.7 2854
INDIA SOYOIL AUG6 654.8 +9.80 646.8 655 4070
NYMEX CRUDE SEP6 46.81 +0.02 46.76 46.94 4430
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 notched up their strongest gains in over 10 months, closing more than 4 percent higher on Wednesday, as tight supplies lent support to the market.
* U.S. soybean futures rose to their highest in nearly four weeks on Wednesday on strong demand from China, the world's top buyer of the oilseed, traders said.
* Oil's rally extended for a fifth day on Wednesday, helped by a weaker dollar and an unexpected drawdown in U.S. crude and gasoline but traders said the run up may not last, pointing to galloping Saudi output and technical factors.
MARKET NEWS
* Wall Street stocks turned positive while the dollar edged lower on Wednesday after minutes from the Federal Reserve's July meeting showed policymakers may be on the road to raising U.S. interest rates but will need to see more economic data before pulling the trigger.
RELATED
> Saudi signals it may hit new oil output record ahead of freeze talks -sources
> U.S. crude stocks fall unexpectedly in week - EIA
> Ukraine sees high 2016 grain harvest, record exports
> France wheat imports set to continue after poor crop
> Nestle fights to keep coffee crown from keen competitors
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Aug 1-20 palm oil export data on Aug 20.
> Cargo surveyor SGS releases Malaysia's Aug 1-20 palm oil export data on Aug 20.
Palm, soy and crude oil prices at 0029 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP6 0 +0.00 0 0 0
MY PALM OIL OCT6 0 +0.00 0 0 0
MY PALM OIL NOV6 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 5592 +60.00 5546 5606 497920
CHINA SOYOIL JAN7 6448 +70.00 6370 6464 414356
CBOT SOY OIL DEC6 34.48 +15.10 34.43 34.53 502
INDIA PALM OIL AUG6 572.10 +15.10 561.30 573.7 2854
INDIA SOYOIL AUG6 654.8 +9.80 646.8 655 4070
NYMEX CRUDE SEP6 46.81 +0.02 46.76 46.94 4430
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