KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday May 27.
FUNDAMENTALS
* Malaysian palm oil futures rose to their highest in nearly two weeks on Tuesday, pulling up
from three-week lows in the previous session, boosted by a jump in overseas edible oil markets
and strong export demand.
* U.S. wheat futures plunged more than 4 percent on Tuesday as pressure from a strong dollar and
technical selling outweighed concerns about crop damage due to heavy rain in the southern
Plains.
* Oil prices fell nearly 3 percent on Tuesday as the dollar's rally weighed on
dollar-denominated crude oil futures along with concerns that a recent rally might keep U.S.
producers active.
MARKET NEWS
* The U.S. dollar rallied on Tuesday after a string of healthy economic data boosted near-term
rate hike prospects, while Greece's financial crisis and signs of growing opposition to
austerity in Spain weighed further on the euro.
RELATED
> U.S. corn, soy, wheat development stays ahead of normal
> El Nino seen bringing drought to Brazil's north, heavy rains to south
> EU crop monitor nudges up wheat yield forecast
> TABLE-Indonesia's April palm exports up 11 pct m/m
> Analyst raises Ukraine 2015 grain harvest forecast to 54.9 mln T
> Russia may harvest 95 mln tonnes of grains in 2015 - SovEcon
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data
on Malaysia's May palm oil exports on June 1.
Palm, soy and crude oil prices at 0006 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN5 0 +0.00 0 0 0
MY PALM OIL JUL5 0 +0.00 0 0 0
MY PALM OIL AUG5 0 +0.00 0 0 0
CHINA PALM OLEIN SEP5 5070 +48.00 5040 5110 414638
CHINA SOYOIL SEP5 5766 +16.00 5744 5806 272318
CBOT SOY OIL JUL5 32.07 +3.00 32.04 32.18 513
INDIA PALM OIL MAY5 452.70 +3.00 452.00 455.00 565
INDIA SOYOIL JUN5 595.20 +0.65 594.30 599.70 26565
NYMEX CRUDE JUL5 58.33 +0.30 58.25 58.50 1406
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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