KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday.
FUNDAMENTALS
* Malaysian palm oil edged higher on Tuesday after sliding to its lowest in more
than a year as some pressure from higher-than-expected stockpiles and prospects
of rising global edible oil production were lifted by hopes of an El Nino
weather pattern limiting crop output.
* Soybean futures slid on Tuesday after the U.S. Department of Agriculture
projected that domestic supplies of the oilseed would be bigger than expected at
the end of the next marketing year.
* Brent crude oil fell to a 13-month low on Tuesday as increased OPEC production
helped dampen concerns over potential supply disruptions in Iraq and Libya.
MARKET NEWS
* Brent crude oil hit a 13-month low on Tuesday as ample North American
production outweighed concern over supply from the Middle East, while stocks and
the euro were pressured by plunging investor morale in Germany, Europe's largest
economy.
RELATED
> Soybeans, wheat fall after USDA pegs bigger supplies
> Big soybean crops to favor big traders in Brazil, Cargill says
> U.S. to harvest record corn, soy crops, pushing stocks up-USDA
> Sugar turns negative despite harvest slowdown in Brazil
> Surplus to check India sugar prices
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release August 1-15 palm oil export data on August 15.
Palm, soy and crude oil prices at 0026 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG4 0 +0.00 0 0 0
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5570 +0.00 5556 5578 127062
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 34.83 -0.15 34.83 34.93 864
NYMEX CRUDE SEP4 97.24 -0.13 97.18 97.29 1012
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
