KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Wednesday, recouping losses from
two-month lows to follow gains in competing soy markets overseas, but a strong
ringgit and worries of a surge in output capped the advance.
* U.S. wheat futures fell 1.8 percent on Wednesday after the U.S. Department of
Agriculture raised its forecast for global 2013-14 wheat ending stocks above
trade expectations, traders said.
Corn followed wheat lower, but soybeans advanced with front-month May SK4
setting a life-of-contract high above $15 a bushel after the USDA's monthly
report.
* U.S. crude rose more than $1 on Wednesday, driven by a technical rally and
unexpectedly high gasoline demand, while tensions between Russia and the West
underpinned Brent crude prices.
MARKET NEWS
* Global equity markets advanced and the dollar retreated on Wednesday after
minutes from the Federal Reserve's latest policy meeting suggested the U.S.
central bank may not raise interest rates anytime soon.
*
RELATED
> U.S. corn, soy, cotton stocks to tighten, USDA says
> Political heat rises over bid for Spanish olive oil giant
> China iron ore, copper imports seen up in March on low prices
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 2348 GMT
Contract Month Last Change Low High Volume
CBOT SOY OIL MAY4 42.91 +0.00 0.00 0.00 0
NYMEX CRUDE MAY4 103.40 -0.20 103.33 103.45 604
CBOT soy oil in U.S. cents per pound
Crude in U.S. dollars per barrel
- Reuters
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