KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday August 5.
FUNDAMENTALS
* Volatile Malaysian palm oil futures retreated from 11-month lows on Tuesday, finishing higher
while tracking crude oil prices and as traders covered short positions.
* Corn futures edged higher on Tuesday, recovering from a six-week low as bargain-buying and an
outlook for drier U.S. weather offset pressure from comfortable global supply.
* Global crude prices rose from multi-month lows on Tuesday, helped by a stock market rally in
No. 2 oil consumer China, but abundant supply and a weak demand outlook make crude's rebound
unlikely to hold, traders and analysts said.
MARKET NEWS
* The U.S. dollar rose on Tuesday, while stocks and Treasuries prices fell after comments from a
top Federal Reserve official brought forward market expectations of an interest rate increase.
RELATED
> El Nino has emerged and expected to strengthen
> Progress lags on paving key soy road in Brazil - soy growers
> Brazil presents another hurdle in Monsanto's bid for Syngenta
> Australia wants exposure to future U.S sugar demand in trade pact
> Raw sugar bounces up from 6-1/2-year low, cocoa eases
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data
on Malaysia's August 1-10 palm oil exports on August 10.
Palm, soy and crude oil prices at 0009 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG5 0 +0.00 0 0 0
MY PALM OIL SEP5 0 +0.00 0 0 0
MY PALM OIL OCT5 0 +0.00 0 0 0
CHINA PALM OLEIN JAN6 4784 +28.00 4766 4798 253962
CHINA SOYOIL JAN6 5520 +24.00 5496 5542 214348
CBOT SOY OIL DEC5 30.66 -2.00 30.64 30.71 291
INDIA PALM OIL JUL5 419.10 -2.00 417.50 420.40 856
INDIA SOYOIL AUG5 576.50 +6.00 568.20 576.60 66095
NYMEX CRUDE SEP5 48.50 -0.02 48.43 48.57 1325
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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