KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday March 6.
FUNDAMENTALS
* Malaysian palm oil futures dropped to their lowest in nearly a week on
Thursday, backtracking from a rally that had lifted the contract to an
eight-month top, after top industry analysts painted a gloomy outlook for the
second half of the year.
* Chicago wheat futures fell to their lowest nearby price in five months on
Thursday, pressured by the stronger dollar and huge global supplies. Soybeans
fell for the fourth straight session on bleak export prospects in the face of
stiff competition, traders said. Corn finished slightly higher.
* Oil closed lower on Thursday in volatile trade, as a soaring dollar and the
U.S. pursuit of an Iranian nuclear deal offset earlier gains from supply
concerns in Libya and Iraq.
MARKET NEWS
* The dollar was in high demand in Asia on Friday as bulls wagered a looming
U.S. jobs report would add to the chance of rate hikes there, even as the
European Central Bank embarks on a trillion euro campaign of bond-buying.
RELATED
> World food prices continue to fall in February - U.N. FAO
> Weaker currencies sap Asian appetite for grains, oilseeds
> Philippine coconut oil exports to stay weak on typhoons, pest damage -industry
> India Feb soymeal exports at 4-month low, high prices deter buyers
> Louis Dreyfus ships big U.S. ethanol cargo to Middle East -traders
> INTERVIEW-Ukraine seeks to double corn exports to China
> Brazil's Agroconsult forecasts record Brazil cane crop
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release data on Malaysia's March 1-10 palm oil exports on March 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on
Malaysia's end-February palm oil stocks, exports and production on March 10.
Palm, soy and crude oil prices at 0452 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB5 2240 -24.00 2230 2254 29
MY PALM OIL MAR5 2228 -19.00 2220 2249 388
MY PALM OIL APR5 2210 -20.00 2202 2222 7986
CHINA PALM OLEIN MAY5 4846 -22.00 4844 4874 180294
CHINA SOYOIL MAY5 5514 -52.00 5508 5562 240078
CBOT SOY OIL MAR5 31.48 -3.50 31.47 31.57 2367
INDIA PALM OIL JAN5 434.90 -3.50 434.00 439.50 488
INDIA SOYOIL FEB5 616.00 -9.00 615.70 624.80 50145
NYMEX CRUDE MAR5 45.06 -0.53 44.35 45.35 25835
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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
- Reuters
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