MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Nov 24
VEGOILS-Market Factors to Watch Nov 24
24/11/2016 (Reuters) – The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures closed nearly 1 percent higher on Wednesday, posting their third straight session of gains, on the back of a weaker ringgit.
* Chicago Board of Trade soyoil futures surged nearly 7 percent on Wednesday after the U.S. government released final requirements for biofuel use for next year, analysts said.
* Oil prices fell slightly on Wednesday amid investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude as U.S. drilling rises.
MARKET NEWS
* The Dow Jones industrial average and S&P 500 ended at record highs for a third straight day on Wednesday, while U.S. two-year Treasury yields and the dollar hit multi-year peaks after upbeat U.S. economic data reinforced expectations for interest rate hikes.
RELATED
> Big Corn beats Big Oil as U.S. hikes 2017 biofuel targets
> Canada may ban farm pesticide that harms midges, mayflies
> Indonesia 2017 wheat imports set to rise on corn restrictions
> Soyoil jumps nearly 7 percent on U.S. biofuels targets
> Record stocks to keep food prices low in 2017 -Rabobank
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Nov 1-25 palm oil export data on Nov 25.
> Cargo surveyor SGS releases Malaysia's Nov 1-25 palm oil export data on Nov 25.
Palm, soy and crude oil prices at 0024 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 6236 +14.00 6134 6264 317234
CHINA SOYOIL JAN7 6766 +38.00 6654 6776 170838
CBOT SOY OIL DEC6 36.85 +14.60 0 0 0
INDIA PALM OIL NOV6 552.80 +14.60 537.00 554.3 939
INDIA SOYOIL DEC6 702.15 +12.55 686.5 704.4 31930
NYMEX CRUDE JAN7 48.04 +0.08 47.95 48.06 1223
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 closed nearly 1 percent higher on Wednesday, posting their third straight session of gains, on the back of a weaker ringgit.
* Chicago Board of Trade soyoil futures surged nearly 7 percent on Wednesday after the U.S. government released final requirements for biofuel use for next year, analysts said.
* Oil prices fell slightly on Wednesday amid investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude as U.S. drilling rises.
MARKET NEWS
* The Dow Jones industrial average and S&P 500 ended at record highs for a third straight day on Wednesday, while U.S. two-year Treasury yields and the dollar hit multi-year peaks after upbeat U.S. economic data reinforced expectations for interest rate hikes.
RELATED
> Big Corn beats Big Oil as U.S. hikes 2017 biofuel targets
> Canada may ban farm pesticide that harms midges, mayflies
> Indonesia 2017 wheat imports set to rise on corn restrictions
> Soyoil jumps nearly 7 percent on U.S. biofuels targets
> Record stocks to keep food prices low in 2017 -Rabobank
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Nov 1-25 palm oil export data on Nov 25.
> Cargo surveyor SGS releases Malaysia's Nov 1-25 palm oil export data on Nov 25.
Palm, soy and crude oil prices at 0024 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 0 +0.00 0 0 0
MY PALM OIL JAN7 0 +0.00 0 0 0
MY PALM OIL FEB7 0 +0.00 0 0 0
CHINA PALM OLEIN JAN7 6236 +14.00 6134 6264 317234
CHINA SOYOIL JAN7 6766 +38.00 6654 6776 170838
CBOT SOY OIL DEC6 36.85 +14.60 0 0 0
INDIA PALM OIL NOV6 552.80 +14.60 537.00 554.3 939
INDIA SOYOIL DEC6 702.15 +12.55 686.5 704.4 31930
NYMEX CRUDE JAN7 48.04 +0.08 47.95 48.06 1223
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