KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures climbed to a near two-week high on Tuesday after
firm export data fuelled investor hopes that a recovery in global demand for the
tropical oil will underpin prices.
* U.S. soybean futures rose 1.7 percent on Tuesday on signs that domestic
processors kept their plants running at high levels even as supplies dwindled,
traders said.
* Benchmark Brent oil rose slightly on Tuesday after news that Ukrainian armed
forces launched military operations in the east of the country, though gains
were limited by the prospect of a resumption of oil exports from Libya.
MARKET NEWS
* Global equity markets traded flat and government debt rose on Tuesday over
rising tensions in Ukraine after Russia declared the country on the brink of
civil war, though Wall Street stocks managed to end higher in a volatile session
as blue chips advanced.
* Commodities had the best quarter in 18 months as trading for March ended on
Monday, with weather and economic growth likely to determine if gas, gold,
grains, lean hogs and coffee continue going higher and draw money into the
space.
RELATED
> Philippine feed makers buy 120,000 T soymeal, no feed wheat -trade
> India's palm oil imports up in March, snap two-month drop
> Malaysia's April 1-15 palm oil exports rose 6.7 pct -SGS
> Malaysia's April 1-15 palm exports rise 8.6 pct - ITS
> U.S. soybeans, wheat rally; corn close to unchanged
> Cargill sees ConAgra flour merger finalized in 6-8 weeks
> Most climate models show El Nino's return within months, UN says
> U.S. soybean crush 153.8 mln bu in March-NOPA
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's April 1-20 palm oil export data on April 21.
Palm, soy and crude oil prices at 0006 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
MY PALM OIL JUL4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 42.76 -0.07 42.74 42.79 468
NYMEX CRUDE MAY4 103.76 +0.01 103.75 103.88 770
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
Crude in U.S. dollars per barrel
- Reuters
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