KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil edged down on Wednesday, tracking declines in competing
vegetable oil markets as traders took profits, but supported by weakness in the ringgit.
* U.S. corn and soybeans tumbled to two-week lows on Wednesday, extending steep
declines from the previous session as record harvests neared completion and
investors took profits after recent multimonth highs.
* Oil prices fell for a third straight day on Wednesday, as early gains on talk
of a possible OPEC output cut vanished after the Federal Reserve released
minutes of last month's policy meeting revealing worries that U.S. inflation
could remain below target for "quite some time."
MARKET NEWS
* The dollar hit a seven-year high against the yen on Wednesday and U.S.
Treasury yields rose after minutes from the latest Federal Reserve meeting
showed policy-makers remained worried about the global outlook, leaving them in
a dovish stance.
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DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release data on Malaysia's Nov. 1-20 palm oil exports on Nov. 20.
Palm, soy and crude oil prices at 0014 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC4 0 +0.00 0 0 0
MY PALM OIL JAN5 0 +0.00 0 0 0
MY PALM OIL FEB5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 5322 -30.00 5308 5352 417266
CHINA SOYOIL MAY5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 32.51 -1.80 0.00 0.00 0
INDIA PALM OIL NOV4 445.50 -1.80 444.60 448.50 440
INDIA SOYOIL NOV4 570.80 -2.20 570.30 572.50 1535
NYMEX CRUDE DEC4 74.39 -0.19 74.25 74.39 291
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