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 fell to a two-month low on Tuesday after the
ringgit climbed to a nearly four-month high, with prices further weighed by
estimates showing production in the second-largest grower jumped last month.
* U.S. corn and soybean futures rose on Tuesday as traders squared positions a
day ahead of a monthly U.S. Department of Agriculture report in which the
government is expected to pare its stocks forecasts for both crops, traders
said.
* U.S. crude oil prices rose more than 2 percent on Tuesday in a
technical-driven rally boosted by a weaker U.S. dollar and forecasts for a draw
on stockpiles of domestic oil products.
MARKET NEWS
* The dollar and euro fell sharply against the yen on Tuesday as hopes for
additional stimulus out of Japan faded, while bargain-hunting on Wall Street
lifted stock prices after three days of losses.
*
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DATA/EVENTS
> Industry regulator the Malaysian Palm Oil Board (MPOB) will release data on
Malaysia's end-March palm oil stocks, exports and production on April 10.
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
will release Malaysia's April 1-10 palm oil export data on April 10.
Soy and crude oil prices at 2349 GMT
Contract Month Last Change Low High Volume
CBOT SOY OIL MAY4 42.14 +0.00 0.00 0.00 0
NYMEX CRUDE MAY4 102.34 -0.22 102.19 102.38 1277
Crude in U.S. dollars per barrel- Reuters
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