KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday.
FUNDAMENTALS
* Malaysian palm oil lost more ground on Wednesday, falling for a sixth
consecutive session to its lowest since October 2009 as slowing exports and
prospects of near-record U.S. soybean production weighed on the market.
* New-crop U.S. soybean futures touched a new contract low on Wednesday and
corn slid as a closely watched crop tour projected hefty U.S. yields in key
states and forecasts for rain fuelled massive harvest expectations.
* U.S. crude oil rose in choppy trading on Wednesday ahead of the September
contract's expiration and after government data showed crude stocks in the
United States fell sharply last week.
MARKET NEWS
* The U.S. dollar was flying high on Thursday as investors detected a hawkish
turn in policy discussions at the Federal Reserve, while Asian share markets
took comfort from a resilient performance on Wall Street.
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> Pricey calves likely slowed July U.S. cattle placements
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> U.S. biodiesel industry suffers as biofuel rule delays drag on
> ADM sees large German wheat, rapeseed crops in 2014
> Japan looks to Indonesian poultry supplies after Chinese food scandal
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release August 1-25 palm oil export data on August 25.
Palm, soy and crude oil prices at 0019 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP4 0 +0.00 0 0 0
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 5242 -6.00 5230 5302 613342
CHINA SOYOIL JAN5 0 +0.00 0 0 0
CBOT SOY OIL DEC4 33.19 -0.03 33.18 33.24 264
NYMEX CRUDE OCT4 93.52 +0.07 93.41 93.69 1536
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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