MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Jan 24
VEGOILS-Market Factors to Watch Jan 24
24/01/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures fell for a fourth consecutive session on Monday, weighed down by a stronger ringgit MYR, palm's currency of trade.
* U.S. soybean futures fell on Monday for a third straight session on profit-taking after last week's six-month highs and improving weather outlook for Argentina, analysts said.
* U.S. oil climbed on Tuesday as the dollar weakened, but an increase in drilling activity in the United States is likely to keep a lid on prices.
MARKET NEWS
* The dollar was under pressure in Asia on Tuesday as U.S. President Donald Trump's focus on trade protectionism fuelled suspicions his administration might seek a competitive advantage through a weaker currency.
RELATED
> London Metal Exchange CEO resigns after a difficult year
> U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak
> Russia beats Saudi Arabia as China's top crude oil supplier in 2016
> Iraq says most oil majors participating in its OPEC cuts
> CME Group suspends trading in European cocoa contracts
> Oil slips as U.S. drilling recovery offsets OPEC-led cuts
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Jan 1-25 palm oil export data on Jan 25.
> Cargo surveyor SGS releases Malaysia's Jan 1-25 palm oil export data on Jan 25.
Palm, soy and crude oil prices at 0059 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB7 0 +0.00 0 0 0
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6288 +42.00 6246 6292 104122
CHINA SOYOIL MAY7 6996 +26.00 6956 7008 93688
CBOT SOY OIL MAR7 35.13 +3.50 0 0 0
INDIA PALM OIL JAN7 592.00 +3.50 587.00 592.8 603
INDIA SOYOIL FEB7 716.6 -0.55 714.4 718.5 12310
NYMEX CRUDE MAR7 52.90 +0.15 52.84 52.92 3655
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 for a fourth consecutive session on Monday, weighed down by a stronger ringgit MYR, palm's currency of trade.
* U.S. soybean futures fell on Monday for a third straight session on profit-taking after last week's six-month highs and improving weather outlook for Argentina, analysts said.
* U.S. oil climbed on Tuesday as the dollar weakened, but an increase in drilling activity in the United States is likely to keep a lid on prices.
MARKET NEWS
* The dollar was under pressure in Asia on Tuesday as U.S. President Donald Trump's focus on trade protectionism fuelled suspicions his administration might seek a competitive advantage through a weaker currency.
RELATED
> London Metal Exchange CEO resigns after a difficult year
> U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak
> Russia beats Saudi Arabia as China's top crude oil supplier in 2016
> Iraq says most oil majors participating in its OPEC cuts
> CME Group suspends trading in European cocoa contracts
> Oil slips as U.S. drilling recovery offsets OPEC-led cuts
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Jan 1-25 palm oil export data on Jan 25.
> Cargo surveyor SGS releases Malaysia's Jan 1-25 palm oil export data on Jan 25.
Palm, soy and crude oil prices at 0059 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB7 0 +0.00 0 0 0
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 6288 +42.00 6246 6292 104122
CHINA SOYOIL MAY7 6996 +26.00 6956 7008 93688
CBOT SOY OIL MAR7 35.13 +3.50 0 0 0
INDIA PALM OIL JAN7 592.00 +3.50 587.00 592.8 603
INDIA SOYOIL FEB7 716.6 -0.55 714.4 718.5 12310
NYMEX CRUDE MAR7 52.90 +0.15 52.84 52.92 3655
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