KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday.
FUNDAMENTALS
* Malaysian palm oil futures dropped to a one-year low on Friday with the market
on track for a fifth week of declines in six as expectations of higher
production pressured prices.
* U.S. wheat futures fell for a second session on Friday on profit-taking but
still ran up nearly 3 percent this week, partly on fears of disrupted grain
flows from the Black Sea region.
* Brent crude oil fell toward $105 a barrel on Friday, following U.S. air
strikes in Iraq that analysts said might lower the risk of oil supply
disruptions from OPEC's second-largest producer, while U.S. crude found support
from a rebounding stock market.
MARKET NEWS
* Wall Street rallied on Friday after Russia said it ended military drills near
Ukraine, soothing investor nerves over regional tensions, but bond yields fell
in key markets worldwide after U.S. President Barack Obama authorized air
strikes in Iraq.
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> Australia's early wheat harvest to add to global oversupply
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release August 1-10 palm oil export data on August 11.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on
Malaysia's end-July palm oil stocks, exports and production on August 11.
Palm, soy and crude oil prices at 0010 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 5622 -6.00 5592 5626 157394
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 35.79 -0.08 35.73 35.87 330
NYMEX CRUDE SEP4 97.67 +0.02 97.37 97.75 2321
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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