Malaysian palm oil Vegoils: Market factors to watch Thursday April 9

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday April 9.

FUNDAMENTALS
* Malaysian palm oil futures inched down on Wednesday, retreating further from sharp gains made earlier in the week as a firm ringgit and concerns over rising palm supplies stifled buying interest. 
*  U.S. corn futures fell for the third day in a row on Wednesday as traders staked out positions ahead of a government report that was expected to boost projections for supplies of the grain at the end of the crop year, traders said. 
* Oil prices dived 6 percent on Wednesday after closing at their highest this year, as a mammoth rise in U.S. crude stockpiles and news of record Saudi oil production scuttled talk of a sustained recovery. 

MARKET NEWS
* Global equity markets rose on Wednesday and European shares hit eight-year highs on a $70 billion takeover bid by Royal Dutch Shell RDSa.L, while U.S. shares pared gains after the largest U.S. crude inventory build in 14 years slammed oil prices.

RELATED
> US farmers take a gamble with belt-tightening as incomes slide             
> Blocked entrance to Brazil’s Santos port to open overnight                 
> Premium for old-crop CBOT soy shrinks as China buys from South America   > Russia’s EconMin says has proposals on Greece and Russia’s food import ban 

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

Palm, soy and crude oil prices at 0020 GMT

Contract        
Month
   Last
Change
  Low
 High
Volume
MY PALM OIL    
 APR5
      0
 +0.00
    0
    0
    0
MY PALM OIL    
 MAY5
      0
 +0.00
    0
    0
    0
MY PALM OIL    
 JUN5
      0
 +0.00
    0
    0
    0
CHINA PALM OLEIN
SEP5
   4684
-30.00
 4678
 4702
143792
CHINA SOYOIL    
SEP5
   5386
-32.00
 5380
 5406
152116
CBOT SOY OIL    
MAY5
  30.94
 -3.80
30.81
30.94
  327
INDIA PALM OIL  
APR5
 438.00
 -3.80
438.00
442.80
 1055
INDIA SOYOIL    
APR5
 605.60
 -0.30
604.30
609.40
12980
NYMEX CRUDE    
 MAY5
  51.04
 +0.62
50.86
51.08
 1951

  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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