KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday.
FUNDAMENTALS
* Malaysian palm oil futures rose to a more-than-three-week high on Thursday,
lifted by hopes that demand might be picking up after a jump in exports,
although caution over palm stocks that have swollen past 2 million tonnes kept a
lid on gains.
* U.S. corn and soybean futures tumbled to four-year lows on Thursday as the
U.S. government raised its forecasts for record-large harvests above analysts'
estimates.
* Brent crude rose and broke a string of five straight lower finishes on
Thursday, climbing back from a two-year low hit after increasing supply and
signs of weakening demand countered worries that conflicts in the Middle East
could curb output.
MARKET NEWS
* U.S. stocks closed little changed on Thursday and the dollar dipped slightly
against the euro, as data showing more Americans tapping unemployment benefits
muddied views on when U.S. policymakers might first raise interest
rates.
RELATED
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> Big crop gets bigger: USDA raises U.S. corn, soybean estimates
> USDA sees no impact on Mexican sugar imports from duty decision
> Early freeze looms for some crops amid U.S. bumper grain forecast
> China to sign U.S. soybean trade agreements next week
> Argentine port customs workers to strike next week - chamber
> Frost hits crops in Canadian province of Alberta
> Pesticides a concern for aquatic life in most U.S. urban streams -study
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Sept. 1-15 palm oil export data on Sept. 15
Palm, soy and crude oil prices at 0010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5158 +8.00 5152 5188 189602
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 31.83 +0.12 31.65 31.83 593
NYMEX CRUDE OCT4 93.01 +0.18 93.00 93.09 910
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
Crude in U.S. dollars per barrel
- Reuters
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