Malaysian palm oil/Vegoils: Market factors to watch Tuesday March 10

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday March 10.

FUNDAMENTALS

* Malaysian palm oil futures fell to a near two-week low on Monday, after planters’ estimates showed steady palm output in the second largest producer, countering expectation of a fall. 

* U.S. wheat futures rose 1.6 percent on Monday, bouncing off the previous session’s contract lows on bargain-hunting and short-covering ahead of a monthly U.S. government crop report. 

* Brent prices fell 2 percent on Monday pressured by European Central Bank bond-buying, while U.S. crude rose about 1 percent on a smaller-than-expected build in inventories at the key Cushing oil hub, leading to a narrowing gap between the two benchmarks. 

 

MARKET NEWS

* The U.S. dollar held near multi-year highs on the yen and euro on Tuesday amid starkly different outlooks for global interest rates, while Asian investors braced for more economic news from China. 

      

RELATED

> Coffee hoarding: Vietnamese speculators pressure global deficit

> French maize headed for Asia as export window opens            

> China should limit annual grain imports to up to 11 mln tonnes 

> Pockets of rain in Ivory Coast offer slight reprieve for cocoa 

INTERVIEW

-Poor Ghana output weighing on global cocoa forecasts 

      

DATA/EVENTS 

> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance

to release data on Malaysia’s March 1-10 palm oil exports on March 10. 

> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on

Malaysia’s end-February palm oil stocks, exports and production on March 10.

    

  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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