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 slipped to a near 10-month low on Tuesday,
following losses in Chinese soy markets and on worries of bumper soy crops,
although anticipation of tighter palm supplies curbed losses.
* U.S. corn futures drifted to fresh four-year lows on Tuesday, erasing early
gains as favorable weather forecasts bolstered expectations for a bumper
harvest, traders said.
* Brent and U.S. crude settled lower after a choppy trading session on Tuesday
as oil supplies remained unaffected by continuing violence in Iraq, Ukraine and
Gaza.
MARKET NEWS
* Global equity markets and the dollar rode a rebound in risk appetite on
Tuesday that lifted the S&P 500 to a record high on signs of cooperation from
Ukraine's pro-Russian separatists over last week's downing of a Malaysian
jetliner.
* Gold prices jumped their most in a month on Thursday on geopolitical worries
after a Malaysian jetliner crashed in eastern Ukraine, while other key
commodities rose, too, on an improved demand outlook versus supply.
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> Race for North Dakota's agriculture commissioner is all about oil
> U.S. export sales offer latest sign grains could halt slide
> U.S. corn slides to 4-yr lows on bright harvest prospects
> Rains due to drench Brazil coffee, sugar cane harvests
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's July 1-25 palm oil export data on July 25.
Palm, soy and crude oil prices at 0011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5614 -18.00 5612 5644 146672
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 36.12 +0.09 36.03 36.14 242
NYMEX CRUDE SEP4 101.93 -0.46 101.79 102.13 2016
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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