KUALA LUMPUR, March 21 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS * Malaysian palm oil futures rose to the highest in more than a week on Wednesday on higher export demand, although gains were curbed after Cyprus's rejection of a proposed bailout plan led to worries of a default. * Chicago Board of Trade (CBOT) wheat futures rose to a three-week high on Wednesday on brisk demand from feeders and exporters, while corn rose to a six-week high with the market buoyed by tight stocks, firm cash and slow farm sales. * Brent crude oil rose above $108 a barrel on Wednesday, recovering from a three-month low, after the U.S. Federal Reserve signalled it would continue its stimulus programs and on optimism that European policymakers can keep a debt crisis in Cyprus from spreading. MARKET NEWS * Asian shares inched higher and the dollar was underpinned on Thursday after the U.S. Federal Reserve maintained its commitment to a very accommodative monetary stance, and market nerves over the Cyprus bailout wrangling calmed. * Commodities rallied on Wednesday as the U.S. central bank's assurance of continued stimulus for markets and an easing of worries over Cyprus drove oil, metals and crop prices higher, snapping two days of losses.
RELATED NEWS > Malaysia's March 1-20 palm oil exports up 13.7 pct -SGS > Malaysia's March 1-20 palm oil exports up 11 pct - ITS > China soy cancellation threats spook Brazil; doubts remain > Brazil sugar exports to see smoother sailing than soy > U.S. drought relief improving, cold snap being eyed DATA/EVENTS > Cargo surveyors to release Malaysia's March 1-25 export data on Monday. Key commodity markets at 0032 GMT Contract Month Last Change Low High Volume RINGGIT/USD 3.115 -0.01 3.117 3.1205 CHINA PALM OLEIN SEP3 0 +0.00 0 0 0 CHINA SOYOIL SEP3 0 +0.00 0 0 0 CBOT SOYOIL MAY3 49.97 +0.13 49.82 50.07 478 NYMEX CRUDE MAY3 93.25 -0.25 93.23 93.53 1961 CBOT soy oil in U.S. cents per pound Dalian soy oil in Chinese yuan per tonne Crude in U.S. dollars per barrel Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- (Reporting by the Kuala Lumpur bureau)
