Palm oil/Vegoils: Market factors to watch Jan 6 Tuesday

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Jan 6. FUNDAMENTALS
 * Malaysian palm oil futures fell in choppy trade on Monday, dragged lower as oil prices slid to fresh 5-1/2-year lows, although losses in the ringgit and concerns over floods curbing palm supply propped up the market.  * U.S. soybean, corn and wheat futures rallied on Monday, rebounding from sharp losses on a round of bargain buying, traders said.  * The selloff in global oil markets showed little signs of slowing in the new year, with prices down as much as 6 percent on Monday, the lowest since spring 2009, as fears deepened a supply glut that has vexed the market for six months would continue. MARKET NEWS  * Equity markets worldwide tumbled on Monday, led by commodity-linked shares as oil prices fell to 5-1/2-year lows and investors fled to the safety of government bonds. RELATED  > Researchers identify new strain of deadly pig virus in U.S.  > Brazil’s ag minister says better food safety to open new markets  > Brazil posts first trade deficit in 14 years  > Brazil crop areas to see more rain after wet weekend  > Arctic air surge puts U.S. SRW wheat crop at risk of winterkill  > China renews safety certificates for local GMO rice DATA/EVENTS  > Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release data on Malaysia’s Jan. 1-10 palm oil exports on Jan 12.  > Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-December palm oil stocks, exports and production on Jan 12.- Reuetrs

Source : The Star


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