Palm oil/Vegoils: Market factors to watch Aug 11 Monday

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

FUNDAMENTALS

* Malaysian palm oil futures dropped to a one-year low on Friday with the market on track for a fifth week of declines in six as expectations of higher production pressured prices. 

* U.S. wheat futures fell for a second session on Friday on profit-taking but still ran up nearly 3 percent this week, partly on fears of disrupted grain flows from the Black Sea region. 

* Brent crude oil fell toward $105 a barrel on Friday, following U.S. air strikes in Iraq that analysts said might lower the risk of oil supply disruptions from OPEC’s second-largest producer, while U.S. crude found support from a rebounding stock market.      

MARKET NEWS

* Wall Street rallied on Friday after Russia said it ended military drills near Ukraine, soothing investor nerves over regional tensions, but bond yields fell in key markets worldwide after U.S. President Barack Obama authorized air strikes in Iraq.      

RELATED 

> Cocoa flattens after touching 3-year peak; sugar firms        

> India’s natural rubber prices dip to 4-1/2 year low – dealers 

> Speculators buoy ICE sugar net short position by 70 pct       

> EU experts to debate Russia’s ban on European food on Aug. 14 

> Australia’s early wheat harvest to add to global oversupply             

DATA/EVENTS 

> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release August 1-10 palm oil export data on August 11.

> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-July palm oil stocks, exports and production on August 11.    

Palm, soy and crude oil prices at 0010 GMT                                                                                                                     

Contract

Month

 Last

 Change

  Low

 High

Volume

MY PALM OIL

AUG4

0

+0.00

0

  0

  0

MY PALM OIL

SEP4

0

+0.00

0

0

0

MY PALM OIL

OCT4

0

+0.00

0

0

0

CHINA PALM OLEIN

JAN5

 5622

 -6.00

 5592

 5626

157394

CHINA SOYOIL

JAN5

  0

+0.00

  0

  0

0

CBOT SOY OIL

DEC4

 35.79

-0.08

35.73

 35.87

330

NYMEX CRUDE

SEP4

97.67

+0.02

 97.37

 97.75

 2321

                       

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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