KUALA LUPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday May 29.
FUNDAMENTALS
* Malaysian palm oil futures rallied to a two-week high on Thursday as traders took advantage of
a falling ringgit, supported by gains in competing markets and signs that the El Nino weather
phenomenon could already be hurting output in East Malaysia.
* U.S. corn futures on Thursday rebounded from a seven-month low after three days of declines in
a short-covering bounce and following a government report showing higher ethanol output and
lower stocks of the corn-based biofuel.
* Oil prices rose in choppy trade on Thursday, snapping two days of sharp losses, after data
showed a fourth weekly drawdown in U.S. crude stocks.
MARKET NEWS
* The euro rose on Thursday as Greece fought to reach an agreement with its lenders to avoid an
imminent default, but mixed signals on the state of the negotiations kept other markets little
changed.
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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 0012 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 5142 +14.00 5118 5162 415648
CHINA SOYOIL SEP5 5748 -12.00 5732 5776 203692
CBOT SOY OIL JUL5 32.05 +1.30 32.04 32.10 886
INDIA PALM OIL MAY5 456.70 +1.30 456.30 458.00 269
INDIA SOYOIL JUN5 597.20 -0.35 596.40 602.90 34595
NYMEX CRUDE JUL5 58.10 +0.42 57.92 58.35 2686
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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