KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures edged lower on Tuesday, hitting a near three-week
low and stretching losses into a fourth straight day as continued weakness in
U.S. and China soy markets dragged on the tropical oil.
* U.S. grain and soybean futures stumbled on Tuesday on projections for the U.S.
Department of Agriculture to increase crop production and supply estimates in
key reports on Friday.
* Oil rose on Tuesday as frigid weather in North America hurt some refinery
operations and worries grew over Libyan output and fighting in Iraq.
MARKET NEWS
* Asian shares should benefit from improving risk appetite on Wednesday after
strong trade data boosted expectations for U.S. growth while a lessening of
sovereign strains in Europe lifted stocks there to the highest since 2008.
* U.S. cotton prices jumped their most in two weeks on Tuesday on news that top
producer China could be paring plantings, and gasoline prices also rallied to
lead gains in commodities.
RELATED
> India's Dec soymeal exports drop 10 pct on high premiums
> China Dec copper, iron ore imports likely fell on cash crunch
> Frigid blast hits U.S. Midwest farm belt; wheat at risk
> Brazil mills rely on U.S. wheat due to Argentine restrictions
DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on
Malaysia's end-December palm oil stocks, exports and production on Jan. 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
will release Malaysia's Jan. 1-10 palm oil export data on Jan. 10.
Key commodity markets at 0014 GMT
Contract Month Last Change Low High Volume
RINGGIT/USD 3.286 +0.00 3.2855 3.2875
CHINA PALM OLEIN MAY4 0 +0.00 0 0 0
CHINA SOYOIL MAY4 0 +0.00 0 0 0
CBOT SOYOIL MAR4 37.93 +0.00 0.00 0.00 0
NYMEX CRUDE FEB4 93.92 +0.25 93.88 94.04 718
CBOT soy oil in U.S. cents per pound
Dalian soy oil in Chinese yuan per tonne
Crude in U.S. dollars per barrel
- Reuters
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
