Palm oil/Vegoils: Market factors to watch May 12 (Monday)


  • Business Premium
  • Monday, 12 May 2014

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets Monday.
    
FUNDAMENTALS
* Malaysian palm oil futures ended higher on Friday, following gains in overseas
soyoil markets, although a stronger ringgit and investor wariness ahead of
industry data capped the advance and kept prices in a tight range. 
*  U.S. corn futures fell 1.7 percent on Friday, retreating from a one-month
high after the U.S. Department of Agriculture raised its forecasts of global
inventories above trade expectations, traders said. 
* U.S. crude futures fell modestly in range-bound trade on Friday as the market
balanced support from a drawdown in domestic crude stockpiles against technical
sell points that have kept oil from rallying, while Brent was lower as traders
awaited developments in the Ukraine crisis. 
    
MARKET NEWS
* Wall Street's blue chips set a record close in a lackluster session on Friday
while the U.S. dollar strengthened against the euro and Japanese yen after the
European Central Bank signaled it could deliver fresh monetary stimulus next
month. 
    
RELATED   
> Argentine port worker unions end strike in key grains area 
> U.S. to see big jump in soybean stocks in 14/15 -USDA      
> Wilmar Q1 profit falters as financing imports hit China soy crush margin
 
> INSIGHT-How Japan's Marubeni stumbled in China after rapid expansion
 
  
DATA/EVENTS    
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release Malaysia's May 1-10 palm oil export data on May 12. 
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on
Malaysia's end-April palm oil stocks, exports and production on May 12.

  Palm, soy and crude oil prices at 0027 GMT
                                                                                                                        
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAY4       0    +0.00       0       0       0
  MY PALM OIL      JUN4       0    +0.00       0       0       0
  MY PALM OIL      JUL4       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     JUL4   41.26    +0.08   41.13   41.30     601
  NYMEX CRUDE      JUN4  100.12    +0.13   99.93  100.14    1080
                                                                                                                        
  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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