Palm oil/Vegoils: Market factors to watch May 12 (Monday)

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

FUNDAMENTALS * Malaysian palm oil futures ended higher on Friday, following gains in overseas soyoil markets, although a stronger ringgit and investor wariness ahead of industry data capped the advance and kept prices in a tight range.

* U.S. corn futures fell 1.7 percent on Friday, retreating from a one-month high after the U.S. Department of Agriculture raised its forecasts of global inventories above trade expectations, traders said.

* U.S. crude futures fell modestly in range-bound trade on Friday as the market balanced support from a drawdown in domestic crude stockpiles against technical sell points that have kept oil from rallying, while Brent was lower as traders awaited developments in the Ukraine crisis.


* Wall Street’s blue chips set a record close in a lackluster session on Friday while the U.S. dollar strengthened against the euro and Japanese yen after the European Central Bank signaled it could deliver fresh monetary stimulus next month.


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> Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance to release Malaysia’s May 1-10 palm oil export data on May 12.

> Industry regulator the Malaysian Palm Oil Board (MPOB) to release data on Malaysia’s end-April palm oil stocks, exports and production on May 12.

Palm, soy and crude oil prices at 0027 GMT

Contract     Month   Last  Change   Low   High  Volume
 MYPALMOIL    4-May    0   +0.00    0    0    0
 MYPALMOIL    4-Jun    0   +0.00    0    0    0
 MYPALMOIL    4-Jul    0   +0.00    0    0    0
 CHINAPALMOLEIN 4-Sep    0   +0.00    0    0    0
 CHINASOYOIL   4-Sep    0   +0.00    0    0    0
 CBOTSOYOIL   4-Jul  41.26   +0.08  41.13  41.30   601
 NYMEXCRUDE    4-Jun  100.12   +0.13  99.93  100.14   1080


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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