Malaysian palm oil/Vegoils: Market factors to watch on Tursday June 11

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

FUNDAMENTALS
* Malaysian palm oil futures notched their third straight day of losses on Wednesday after an industry report showed inventories in the world’s second-biggest producer swelled to a six-month high in May. 
* U.S. wheat futures tumbled more than 3 percent for their largest losses in two weeks on Wednesday after the U.S. Department of Agriculture boosted its production forecast for the winter wheat crop in a monthly supply and demand report. 
* Oil rallied for a second straight day on Wednesday, with U.S. crude nearing a one-month high and gasoline hitting its highest price since November, as a big U.S. stocks drawdown boosted the outlook for summer fuel demand.

MARKET NEWS
* U.S. shares rebounded sharply on Wednesday in the S&P’s 500’s best day in more than a month, while longer-dated U.S. Treasury yields rose to their highest in more than seven months, tracking a selloff in German Bunds.

RELATED
> Malaysia’s Jun 1-10 palm oil exports rose 1.9 pct -SGS                     
> Malaysian May palm stocks swell to 6-mth high, output highest since Oct    
> Malaysia’s June 1 – 10 palm oil exports rise 2.2 pct -ITS                  
> India’s 2015/16 cotton acreage seen down by the most in 13 yrs -trade body 
> Louis Dreyfus buys 24,000 T raw sugar from Thailand at 52 points           
> Ethanol futures drop after EIA data show supplies rise                     
> India’s 2015/16 cotton acreage seen down by the most in 13 years

DATA/EVENTS 
> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia’s June 1-15 palm oil exports on June 15.

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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