MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Oct 24
VEGOILS-Market Factors to Watch Oct 24
24/10/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil closed higher on Friday, reversing earlier losses, as traders squared positions ahead of the weekend and as low stock levels supported the market.
* Chicago Board of Trade soybean futures rose on Friday on technical buying, bucking pressure from the harvest of a record-large U.S. soy crop and a strengthening dollar.
* Oil settled up on Friday on hopes Russia and OPEC will reach agreement at the weekend on market support initiatives to keep crude above $50 a barrel, although traders cautioned about pressure from a double-digit rise in the U.S. oil rig count.
MARKET NEWS
* The dollar rose to its highest since early February against a basket of currencies on Friday as investors increased bets on higher U.S. interest rates, while a measure of world stocks posted its first weekly gain in four weeks despite some soft U.S. corporate results.
RELATED
> Malaysia forecasts 2017 palm oil output rising 5.6 percent
> Vegoil's recent market strength could have staying power
> Informa sees U.S. farmers planting more soy, less corn in 2017
> Grain exporters in Argentina invest $1.2 billion in Rosario hub
> Argentine growers bet the farm on corn despite threat of La Nina
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Oct 1-25 palm oil export data on Oct 25.
> Cargo surveyor SGS releases Malaysia's Oct 1-25 palm oil export data on Oct 25.
Palm, soy and crude oil prices at 0041 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 +0.00 0 0 0
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 5766 +34.00 5726 5778 372542
CHINA SOYOIL JAN7 6590 +6.00 6546 6604 250852
CBOT SOY OIL DEC6 35.1 -2.90 35.05 35.2 634
INDIA PALM OIL OCT6 532.70 -2.90 528.10 536.8 2675
INDIA SOYOIL NOV6 666.4 -0.30 663.5 668.7 53050
NYMEX CRUDE DEC6 50.68 -0.17 50.51 50.96 8295
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 closed higher on Friday, reversing earlier losses, as traders squared positions ahead of the weekend and as low stock levels supported the market.
* Chicago Board of Trade soybean futures rose on Friday on technical buying, bucking pressure from the harvest of a record-large U.S. soy crop and a strengthening dollar.
* Oil settled up on Friday on hopes Russia and OPEC will reach agreement at the weekend on market support initiatives to keep crude above $50 a barrel, although traders cautioned about pressure from a double-digit rise in the U.S. oil rig count.
MARKET NEWS
* The dollar rose to its highest since early February against a basket of currencies on Friday as investors increased bets on higher U.S. interest rates, while a measure of world stocks posted its first weekly gain in four weeks despite some soft U.S. corporate results.
RELATED
> Malaysia forecasts 2017 palm oil output rising 5.6 percent
> Vegoil's recent market strength could have staying power
> Informa sees U.S. farmers planting more soy, less corn in 2017
> Grain exporters in Argentina invest $1.2 billion in Rosario hub
> Argentine growers bet the farm on corn despite threat of La Nina
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Oct 1-25 palm oil export data on Oct 25.
> Cargo surveyor SGS releases Malaysia's Oct 1-25 palm oil export data on Oct 25.
Palm, soy and crude oil prices at 0041 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 +0.00 0 0 0
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 5766 +34.00 5726 5778 372542
CHINA SOYOIL JAN7 6590 +6.00 6546 6604 250852
CBOT SOY OIL DEC6 35.1 -2.90 35.05 35.2 634
INDIA PALM OIL OCT6 532.70 -2.90 528.10 536.8 2675
INDIA SOYOIL NOV6 666.4 -0.30 663.5 668.7 53050
NYMEX CRUDE DEC6 50.68 -0.17 50.51 50.96 8295
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