KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday Feb 26.
FUNDAMENTALS
* Malaysian palm oil futures gave up early gains to end lower on Wednesday after
a growers' group unexpectedly forecast February yields to pick up. Sentiment was
further dampened by weak export data and a stronger ringgit.
* Chicago Board of Trade soybeans retreated on Wednesday from a six-week high
earlier this week, on prospects for an imminent end to the Brazilian truck
drivers' strike which had threatened exports just as the country's massive
soybean crop was entering world markets.
* Brent crude oil futures surged 5 percent on Wednesday, after Saudi Arabia's
oil minister said oil demand was growing and data showed Chinese factories were
producing more than expected.
MARKET NEWS
* Wall Street lagged a rise in global markets on Wednesday, with the S&P 500 and
the Nasdaq closing slightly lower even as energy shares gained along with a
surge in oil prices.
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DATA/EVENTS
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance
to release data on Malaysia's February palm oil exports on March 2.
Palm, soy and crude oil prices at 0022 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR5 0 +0.00 0 0 0
MY PALM OIL APR5 0 +0.00 0 0 0
MY PALM OIL MAY5 0 +0.00 0 0 0
CHINA PALM OLEIN MAY5 4948 +32.00 4936 4964 46268
CHINA SOYOIL MAY5 5536 +32.00 5512 5560 66520
CBOT SOY OIL MAY5 31.91 -0.50 0.00 0.00 0
INDIA PALM OIL FEB5 452.50 -0.50 452.30 454.00 222
INDIA SOYOIL APR5 592.50 -4.30 592.30 596.80 33565
NYMEX CRUDE APR5 50.78 -0.21 50.74 51.22 2530
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
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