KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil futures ended lower for the sixth straight day on Tuesday,
stretching its longest losing streak this year, as worries of dry weather eased
and weakening demand from top consumers continued to weigh.
* U.S. soybean futures soared on Tuesday as concerns about tighter supplies
fueled a recovery from losses last week, and wheat and corn futures also
climbed.
* U.S. crude oil futures rose by more than $1 per barrel to its highest price in
a week on Tuesday, following strong gains in equities outweighed forecasts for
another build in domestic supplies, while Brent was bolstered by concerns over
violence in Crimea.
MARKET NEWS
* Asian share markets opened on a tentative footing on Wednesday, with investors
cautious amid the backdrop of East-West geopolitical tensions involving Ukraine
and ahead of a closely-watched Federal Reserve policy review later in the
session.
* Copper sank to 8-1/2 month lows on Monday, dropping steeply for a second
session, while oil lost more than a dollar and Shanghai-traded commodities
slumped after a surprise fall in China's exports heightened fears of an economic
slowdown.
RELATED
> Malaysia raises crude palm oil export tax for April to 5.5 pct
> Soybeans climb on mounting supply worries
> China's cotton stockpiling nears end as supplies dry up
> China rounds up beef supplies to satisfy middle-class hunger
> ICE cocoa eases from 2-1/2-year highs, coffee edges higher
> Ivory Coast mid-crop exports at risk despite new discount offer
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's March 1-20 palm oil export data on March 20.
Palm, soy and crude oil prices at 0015 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR4 0 +0.00 0 0 0
MY PALM OIL MAY4 0 +0.00 0 0 0
MY PALM OIL JUN4 0 +0.00 0 0 0
CHINA PALM OLEIN SEP4 0 +0.00 0 0 0
CHINA SOYOIL SEP4 0 +0.00 0 0 0
CBOT SOY OIL MAY4 42.22 -0.05 42.19 42.28 305
NYMEX CRUDE APR4 99.40 -0.30 99.36 99.55 536
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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