MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Feb 22
VEGOILS-Market Factors to Watch Feb 22
22/02/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures slid for a fourth consecutive session on Tuesday, hitting their lowest in 15 weeks as expectations of higher production and ample supplies of rival soybean oil weighed on the market.
* U.S. soybean futures closed lower on Tuesday for a third straight session, reversing from early strength to touch a three-week low on expectations for large South American soy harvests, analysts said.
* Oil prices ended about 1 percent higher after touching three-week highs on Tuesday on OPEC's optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market.
MARKET NEWS
* Stock prices across the world climbed to record highs on Tuesday on news euro zone business activity accelerated to a six-year high, while the dollar gained after hawkish comments from Federal Reserve officials.
RELATED
> China reports more severe form of bird flu, threat to poultry - WHO
> China's Zhengzhou Commodity Exchange to impose limits on some contracts, clients
> Thailand to stop sugar subsidy, price control by year-end
> OPEC chief sees higher compliance with oil cut, says confidence returning
> EXCLUSIVE-China's Sinochem may sell 40 pct stake in Brazil's Peregrino oilfield -sources
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
> Cargo surveyor SGS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
Palm, soy and crude oil prices at 0035 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 5828 -78.00 5820 5878 216592
CHINA SOYOIL MAY7 6618 -70.00 6606 6668 156944
CBOT SOY OIL MAR7 32.67 -7.00 0 0 0
INDIA PALM OIL FEB7 548.50 -7.00 545.80 557.1 2029
INDIA SOYOIL MAR7 654.4 -5.00 654.2 663.55 45240
NYMEX CRUDE APR7 54.37 +0.04 54.22 54.39 3148
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 slid for a fourth consecutive session on Tuesday, hitting their lowest in 15 weeks as expectations of higher production and ample supplies of rival soybean oil weighed on the market.
* U.S. soybean futures closed lower on Tuesday for a third straight session, reversing from early strength to touch a three-week low on expectations for large South American soy harvests, analysts said.
* Oil prices ended about 1 percent higher after touching three-week highs on Tuesday on OPEC's optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market.
MARKET NEWS
* Stock prices across the world climbed to record highs on Tuesday on news euro zone business activity accelerated to a six-year high, while the dollar gained after hawkish comments from Federal Reserve officials.
RELATED
> China reports more severe form of bird flu, threat to poultry - WHO
> China's Zhengzhou Commodity Exchange to impose limits on some contracts, clients
> Thailand to stop sugar subsidy, price control by year-end
> OPEC chief sees higher compliance with oil cut, says confidence returning
> EXCLUSIVE-China's Sinochem may sell 40 pct stake in Brazil's Peregrino oilfield -sources
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
> Cargo surveyor SGS releases Malaysia’s Feb 1-20 palm oil export data on Feb 25.
Palm, soy and crude oil prices at 0035 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 5828 -78.00 5820 5878 216592
CHINA SOYOIL MAY7 6618 -70.00 6606 6668 156944
CBOT SOY OIL MAR7 32.67 -7.00 0 0 0
INDIA PALM OIL FEB7 548.50 -7.00 545.80 557.1 2029
INDIA SOYOIL MAR7 654.4 -5.00 654.2 663.55 45240
NYMEX CRUDE APR7 54.37 +0.04 54.22 54.39 3148
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