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 on Tuesday after a long weekend, tracking
gains in overnight soy markets and fuelling hopes that rains and frost over
parts of the U.S. grain belt could crimp bumper crops of rival oilseeds.
* U.S. wheat and corn futures rose for the fifth straight day on Tuesday, with
short-covering and technical buying in focus as investors scrambled to stake out
positions ahead of a key government report, traders said.
* World oil prices resumed a months-long rout on Tuesday to close at their
lowest in more than two years, pressured by reduced economic and demand growth
forecasts.
MARKET NEWS
* Global equity markets fell sharply on Tuesday and oil slipped to near 27-month
lows as investors shifted funds into safe-haven government debt after more poor
economic data from Europe heightened concerns about worldwide demand.
RELATED
> Wetter October seen curbing Malaysian palm oil output
> Malaysia's Sept palm stocks seen steady; export growth disappoints
> U.S. foods labeled 'natural' often contain GMOs, group reports
> China's Bright Food buys majority stake in Italian olive oil group
> Cargill reports lower Q1 profit amid slumping grain markets
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 0013 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 0 +0.00 0 0 0
CBOT SOY OIL DEC4 33.25 +0.15 33.17 33.27 465
NYMEX CRUDE NOV4 88.57 -0.28 88.43 88.63 1518
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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