MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Feb 20
VEGOILS-Market Factors to Watch Feb 20
20/02/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures dropped to their lowest in three months on Friday, on expectations of rising production and slow export demand.
* U.S. wheat and corn futures fell on Friday for a second straight session as traders liquidated long positions ahead of a U.S. holiday weekend, and following a fund-driven rally seen as lacking fundamental drivers, analysts said.
* Oil prices ended steady on Friday but lower on the week, with U.S. crude notching its first weekly decline in five weeks, as the market weighed rising U.S. drilling and record stockpiles against efforts by major producers to cut output to reduce a global glut.
MARKET NEWS
* Stocks on major world markets slipped on Friday in the wake of back-to-back sessions of record highs, as investors awaited clarity on U.S. President Donald Trump's tax and trade policies.
RELATED
> In rare move, China in talks to sell corn to Japan
> EU still on track for bigger rapeseed crop despite winter chill
> In China, consumers seem to shrug off deadly bird flu outbreak
> Warm spell may coax U.S. winter wheat out of dormancy
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-20 palm oil export data on Feb 20.
> Cargo surveyor SGS releases Malaysia’s Feb 1-20 palm oil export data on Feb 20.
Palm, soy and crude oil prices at 0040 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
MY PALM OIL MAY7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 5916 -62.00 5898 5932 131484
CHINA SOYOIL MAY7 6690 -62.00 6672 6704 107370
CBOT SOY OIL MAR7 32.89 -2.80 0 0 0
INDIA PALM OIL FEB7 559.50 -2.80 556.00 560.8 1515
INDIA SOYOIL FEB7 678.9 -1.60 677.2 679.7 1000
NYMEX CRUDE MAR7 53.43 +0.03 53.39 53.60 678
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 dropped to their lowest in three months on Friday, on expectations of rising production and slow export demand.
* U.S. wheat and corn futures fell on Friday for a second straight session as traders liquidated long positions ahead of a U.S. holiday weekend, and following a fund-driven rally seen as lacking fundamental drivers, analysts said.
* Oil prices ended steady on Friday but lower on the week, with U.S. crude notching its first weekly decline in five weeks, as the market weighed rising U.S. drilling and record stockpiles against efforts by major producers to cut output to reduce a global glut.
MARKET NEWS
* Stocks on major world markets slipped on Friday in the wake of back-to-back sessions of record highs, as investors awaited clarity on U.S. President Donald Trump's tax and trade policies.
RELATED
> In rare move, China in talks to sell corn to Japan
> EU still on track for bigger rapeseed crop despite winter chill
> In China, consumers seem to shrug off deadly bird flu outbreak
> Warm spell may coax U.S. winter wheat out of dormancy
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-20 palm oil export data on Feb 20.
> Cargo surveyor SGS releases Malaysia’s Feb 1-20 palm oil export data on Feb 20.
Palm, soy and crude oil prices at 0040 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR7 0 +0.00 0 0 0
MY PALM OIL APR7 0 +0.00 0 0 0
MY PALM OIL MAY7 0 +0.00 0 0 0
CHINA PALM OLEIN MAY7 5916 -62.00 5898 5932 131484
CHINA SOYOIL MAY7 6690 -62.00 6672 6704 107370
CBOT SOY OIL MAR7 32.89 -2.80 0 0 0
INDIA PALM OIL FEB7 559.50 -2.80 556.00 560.8 1515
INDIA SOYOIL FEB7 678.9 -1.60 677.2 679.7 1000
NYMEX CRUDE MAR7 53.43 +0.03 53.39 53.60 678
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