KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil prices sank to their lowest levels in almost five years on
Tuesday as declining crude and soybean oil prices pushed them down.
* U.S. wheat futures advanced on Tuesday on concerns about reduced supplies
from Ukraine, a major exporter, while new-crop soybeans slipped as a widely
watched crop tour projected bumper U.S. harvests.
* U.S. crude oil dropped nearly $2 on Tuesday, falling for a second straight
day as a rush of selling ahead of the session close brought the contract to its
lowest price since January.
MARKET NEWS
* Wall Street got a lift from the U.S. housing sector and extended a global
stock markets rally on Tuesday as investors shifted focus from political crises
to expectations monetary policy will remain accommodative.
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> Wheat rises on Ukraine supply concerns; new-crop soy dips
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release August 1-20 palm oil export data on August 20.
Palm, soy and crude oil prices at 0011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5246 -56.00 5236 5286 308050
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 33.04 +0.03 32.99 33.08 411
NYMEX CRUDE SEP4 94.85 +0.37 94.70 94.98 78
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
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