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 rose to their highest in one-and-a-half months on
Tuesday and recorded their biggest monthly rise in more than five years, as
strong export demand and gains in Chinese soyoil markets lifted sentiment.
* U.S. soybeans fell 1 percent on Tuesday, pressured by a record harvest, as
traders shrugged off a U.S. Agriculture Department report that showed domestic
supplies shrank to less than a 10-day supply at the beginning of the
month.
* World oil prices tumbled to their lowest in more than two years on Tuesday,
with U.S. crude posting its biggest daily decline since 2012, as a drop in
gasoline prices and end-of-quarter selling capped three months of steep
losses.
MARKET NEWS
* The dollar advanced on Tuesday after weak euro zone inflation data for
September heightened expectations of stimulus from the European Central Bank,
while world stock markets recorded their largest quarterly drop in more than two
years.
RELATED
> China launches media campaign to back genetically modified crops
> Malaysia's Sime Darby opts against buying New Britain Palm Oil stake
> Indonesia passes plantations bill, drops clause on foreign ownership
> Malaysia's September palm oil exports rise 16.3 pct -ITS
> Malaysia's September palm oil exports up 16.5 pct -SGS
> ADM-Marubeni venture expands in U.S. Pacific Northwest
> COMMODITIES-Oil, metals, crops drag index to biggest quarterly loss in 3 yrs
> Large EU maize harvest expected, prices likely to fall
> USDA slashes final 13/14 U.S. soybean stocks despite bigger crop
> PREVIEW-Canada wheat, canola crop estimates climb
DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release data on Malaysia's October 1-10 palm oil exports on Oct. 10.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on
Malaysia's end-September palm oil stocks, exports and production on Oct. 10.
Palm, soy and crude oil prices at 0049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT4 0 +0.00 0 0 0
MY PALM OIL NOV4 0 +0.00 0 0 0
MY PALM OIL DEC4 0 +0.00 0 0 0
CHINA PALM OLEIN JAN5 0 +0.00 0 0 0
CHINA SOYOIL JAN5 5898 +62.00 5890 5958 313544
#VALUE!
#VALUE!
INDIA SOYOIL OCT4 613.80 -3.95 611.10 620.00 48770
NYMEX CRUDE NOV4 91.40 +0.24 91.28 91.55 2796
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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
- Reuters
Limited time offer:
Just RM5 per month.
