Malaysian palm oil – Vegoils: Market factors to watch Thursday May 7

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 7.

FUNDAMENTALS
* Malaysian palm oil futures rose for a third day on Wednesday to touch their highest level in a month, following a jump in soy markets, and as investors covered short positions after Indonesia set a palm export levy to fund biodiesel subsidies. 
* U.S. wheat futures surged 2.7 percent on Wednesday, bouncing back from near five-year lows on disappointing results from a crop tour and a crumbling U.S. dollar, traders said. 
* Oil prices hit 2015 peaks on Wednesday amid the first drawdown in U.S. crude inventories since January, before settling off their highs as investors and traders moved to take profits on a multi-week rally. 

MARKET NEWS
* Stocks on major world markets fell on Wednesday, as European borrowing costs reached their highest level this year, while the U.S. dollar slumped against major currencies after weak American economic data.    

RELATED
> PREVIEW-Malaysia’s April palm stocks seen at 5-mth high, output climbing 
> Indonesia president signs palm export levy to fund biodiesel             
> U.S. grapples with biggest-ever outbreak of bird flu 
> Brazil audit court approves port terminal lease plan 
> Farm sector no savior for Brazil’s economy as credit tightens      
> Brazil gov’t sees savings loss of $1 bln with bill changes   

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 0003 GMT
                                                                     
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAY5       0    +0.00       0       0       0
  MY PALM OIL      JUN5       0    +0.00       0       0       0
  MY PALM OIL      JUL5       0    +0.00       0       0       0
  CHINA PALM OLEIN SEP5    5104   -22.00    5094    5168  482046
  CHINA SOYOIL     SEP5    5884   -46.00    5868    5958  677428
  CBOT SOY OIL     JUL5   32.95    -4.90   32.95   33.03     299
  INDIA PALM OIL   MAY5  443.40    -4.90  442.70  453.90    3255
  INDIA SOYOIL     JUN5  592.90    -9.55  592.80  605.00   79405
  NYMEX CRUDE      JUN5   60.52    -0.41   60.32   60.69    2584
                                                                     
  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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