MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch Mar 9
VEGOILS-Market Factors to Watch Mar 9
09/03/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose on Wednesday, reversing earlier losses, after a leading analyst forecast higher prices in the near term.
* U.S. corn, soybean and wheat futures fell on Wednesday, with plentiful global stocks and expectations of a robust harvest casting a bearish tone over the market, traders said.
* Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs.
MARKET NEWS
* The dollar stood firm in Asia on Thursday and bond yields spiked after super-strong U.S. jobs data made a rate hike a near certainty, while oil nursed bruising losses as U.S. stockpiles swelled past all expectations.
RELATED
> BREAKINGVIEWS-Aramco IPO has limited destination choices
> Aluminium producers seek 42 pct hike in Q2 premium from Japan buyers-sources
> Oil majors still years from repairing balance sheets after price war
> EXCLUSIVE-Mexico cancels sugar export permits to U.S. in trade dispute
> U.S. grain, soy exports keep record pace but pressure still on -Braun
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-28 palm oil export data on Mar 10.
> Cargo surveyor SGS releases Malaysia’s Feb 1-28 palm oil export data on Mar 10.
Palm, soy and crude oil prices at 0043 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 5872 +58.00 5828 5890 234876
CHINA SOYOIL MAY7 6550 +14.00 6528 6564 104312
CBOT SOY OIL MAY7 33.54 +2.90 0 0 0
INDIA PALM OIL MAR7 534.10 +2.90 528.10 538 2318
INDIA SOYOIL MAR7 660.1 +3.40 657.4 662.75 15220
NYMEX CRUDE APR7 50.51 +0.23 50.19 50.64 12118
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 rose on Wednesday, reversing earlier losses, after a leading analyst forecast higher prices in the near term.
* U.S. corn, soybean and wheat futures fell on Wednesday, with plentiful global stocks and expectations of a robust harvest casting a bearish tone over the market, traders said.
* Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs.
MARKET NEWS
* The dollar stood firm in Asia on Thursday and bond yields spiked after super-strong U.S. jobs data made a rate hike a near certainty, while oil nursed bruising losses as U.S. stockpiles swelled past all expectations.
RELATED
> BREAKINGVIEWS-Aramco IPO has limited destination choices
> Aluminium producers seek 42 pct hike in Q2 premium from Japan buyers-sources
> Oil majors still years from repairing balance sheets after price war
> EXCLUSIVE-Mexico cancels sugar export permits to U.S. in trade dispute
> U.S. grain, soy exports keep record pace but pressure still on -Braun
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia’s Feb 1-28 palm oil export data on Mar 10.
> Cargo surveyor SGS releases Malaysia’s Feb 1-28 palm oil export data on Mar 10.
Palm, soy and crude oil prices at 0043 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 5872 +58.00 5828 5890 234876
CHINA SOYOIL MAY7 6550 +14.00 6528 6564 104312
CBOT SOY OIL MAY7 33.54 +2.90 0 0 0
INDIA PALM OIL MAR7 534.10 +2.90 528.10 538 2318
INDIA SOYOIL MAR7 660.1 +3.40 657.4 662.75 15220
NYMEX CRUDE APR7 50.51 +0.23 50.19 50.64 12118
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