Palm oil/Vegoils: market factors to watch Aug 28 Thursday

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

FUNDAMENTALS

* Malaysian palm oil futures lost earlier gains and ended lower on Wednesdaydue to a strong ringgit, while anxiety about swelling supplies of global edibleoils continued to drag.

* Nearby U.S. soybean futures rose after sinking to a four-year low onWednesday, while corn approached a four-year low set earlier this week onlimited demand for old-crop supplies ahead of massive U.S. harvests.

* Crude oil futures settled flat after choppy trading on Wednesday, following areport that showed declining U.S. gasoline demand in the world’s top oilconsumer and a build at the key Cushing, Oklahoma, storage hub.

MARKET NEWS

* Asian stocks crept up early on Thursday following another steady performanceby Wall Street shares which hovered near record highs, while the euro clung tomodest gains after rebounding from 13-month lows.

RELATED

> Germany expects minimal impact on farmers from Russian sanction

> Egypt’s FIHC buys 32,000 T soyoil in tender -trade

> Nearby soybeans rise after hitting four-year low

DATA/EVENTS

> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillanceto release August palm oil export data on Sept. 2.

Palm, soy and crude oil prices at 0019 GMT

Contract         Month    Last   Change     Low    High  Volume
MY PALM OIL      SEP4       0    +0.00       0       0       0
MY PALM OIL      OCT4       0    +0.00       0       0       0
MY PALM OIL      NOV4       0    +0.00       0       0       0
CHINA PALM OLEIN JAN5    5194    +2.00    5168    5210  288912
CHINA SOYOIL     JAN5       0    +0.00       0       0       0
CBOT SOY OIL     DEC4   32.9    +0.09   32.82   32.94     912
NYMEX CRUDE      OCT4   93.76    -0.12   93.72   93.78     384

 

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

Crude in U.S. dollars per barrel- Reuters

 

Source : The Star

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