KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 7.
FUNDAMENTALS
* Malaysian palm oil futures rose for a third day on Wednesday to touch their highest level in a
month, following a jump in soy markets, and as investors covered short positions after Indonesia
set a palm export levy to fund biodiesel subsidies.
* U.S. wheat futures surged 2.7 percent on Wednesday, bouncing back from near five-year lows on
disappointing results from a crop tour and a crumbling U.S. dollar, traders said.
* Oil prices hit 2015 peaks on Wednesday amid the first drawdown in U.S. crude inventories since
January, before settling off their highs as investors and traders moved to take profits on a
multi-week rally.
MARKET NEWS
* Stocks on major world markets fell on Wednesday, as European borrowing costs reached their
highest level this year, while the U.S. dollar slumped against major currencies after weak
American economic data.
RELATED
> PREVIEW-Malaysia's April palm stocks seen at 5-mth high, output climbing
> Indonesia president signs palm export levy to fund biodiesel
> U.S. grapples with biggest-ever outbreak of bird flu
> Brazil audit court approves port terminal lease plan
> Farm sector no savior for Brazil's economy as credit tightens
> Brazil gov't sees savings loss of $1 bln with bill changes
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data
on Malaysia's May 1-10 palm oil exports on May 11.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia's end-April
palm oil stocks, exports and production on May 11.
Palm, soy and crude oil prices at 0003 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY5 0 +0.00 0 0 0
MY PALM OIL JUN5 0 +0.00 0 0 0
MY PALM OIL JUL5 0 +0.00 0 0 0
CHINA PALM OLEIN SEP5 5104 -22.00 5094 5168 482046
CHINA SOYOIL SEP5 5884 -46.00 5868 5958 677428
CBOT SOY OIL JUL5 32.95 -4.90 32.95 33.03 299
INDIA PALM OIL MAY5 443.40 -4.90 442.70 453.90 3255
INDIA SOYOIL JUN5 592.90 -9.55 592.80 605.00 79405
NYMEX CRUDE JUN5 60.52 -0.41 60.32 60.69 2584
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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