Palm oil/Vegoils: Market factors to watch Oct 1 Wednesday


  • Business
  • Wednesday, 01 Oct 2014

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
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Business News

Tropicana sells 1.85 million Top Glove shares at a loss
CPO futures likely to trend higher next week
Asian LNG spot prices rise as China replenishes inventories
US stops short of branding Vietnam, Switzerland, Taiwan currency manipulators
Oil price down but secures weekly gain on recovery hopes
GLOBAL MARKETS-World stocks at new peaks on strong China, US data
Food for thought
Food inflation will continue to rise if efficiency is not addressed
Short position - AmBanks' placement, virtual AGMs, glove stocks
The question of MoUs materialising

Stories You'll Enjoy


Vouchers