Malaysian palm oil Vegoils: Market factors to watch Monday May 11

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday May 11.

FUNDAMENTALS
* Malaysian palm oil futures fell on Friday as traders squared positions before the weekend and as weakness in competing oils weighed, but Indonesia’s approval of export levies lifted the benchmark to its biggest weekly gain since February. 
* U.S. wheat futures rose on Friday, supported by results from an annual crop tour that projected below-average yields in Kansas, the top production state for the grain, traders said.
* Brent oil posted its first weekly loss in a month on Friday as the market fretted again about global oversupply while U.S. crude rose for an eighth straight week, helped by jobs growth data and the first storm of the hurricane season forming. 

MARKET NEWS
* An April rebound in U.S. jobs growth boosted Wall Street and supported the dollar on Friday, while a surprise Conservative victory cast away fears of a hung British Parliament and sparked a rally in sterling and European stock markets.    

RELATED
> ADM launches sustainable soy certification program in Brazil     
> Argentina’s speedy soy harvest weighs on world food prices       
> China April soy imports down around 18 pct on year -customs      
> China must overhaul farm support policy, says think-tank         
> Monsanto set to press ahead with Syngenta takeover plan – source 
> Canpotex strikes potash deal with India, matches Uralkali terms  

DATA/EVENTS 
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia’s May 1-10 palm oil exports on May 11.
> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-April palm oil stocks, exports and production on May 11.

  Palm, soy and crude oil prices at 0452 GMT
                                                                                              
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      FEB5    2240   -24.00    2230    2254      29
  MY PALM OIL      MAR5    2228   -19.00    2220    2249     388
  MY PALM OIL      APR5    2210   -20.00    2202    2222    7986
  CHINA PALM OLEIN MAY5    4846   -22.00    4844    4874  180294
  CHINA SOYOIL     MAY5    5514   -52.00    5508    5562  240078
  CBOT SOY OIL     MAR5   31.48    -3.50   31.47   31.57    2367
  INDIA PALM OIL   JAN5  434.90    -3.50  434.00  439.50     488
  INDIA SOYOIL     FEB5  616.00    -9.00  615.70  624.80   50145
  NYMEX CRUDE      MAR5   45.06    -0.53   44.35   45.35   25835
                                            

  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

 

Source : The Star

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