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Real-time News
Futures News, August 5th - According to foreign media reports, Malaysian palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open lower on Wednesday morning, following the decline in external markets. Statements from Qatari and US officials boosted hopes for a diplomatic solution to the oil shipping issue in the Strait of Hormuz, causing oil prices to fall on Tuesday, closing at a three-week low. During Wednesdays electronic trading session, Brent crude futures fell further, coupled with a decline in Chicago soybean oil futures, which will drag down the early performance of Malaysian crude palm oil futures. An expected increase in Malaysian palm oil inventories is also unfavorable for prices. The Malaysian Palm Oil Board (MPOB) will release monthly data on August 10th. A survey shows that Malaysian palm oil exports in July will surge 14.8% month-on-month, production will increase by 7.4%, and inventories will rise to a five-month high. However, strong palm oil exports in July and the potential threat of a strong El Niño phenomenon to palm oil production in Southeast Asia will provide potential support for the palm oil market. Shipping surveyors estimate that Malaysian palm oil exports in July increased by 12.1% to 19.5% month-on-month.Federal Reserves Schmid: The recent easing of energy prices may be temporary.Federal Reserves Schmid: The job market appears to be broadly balanced.Federal Reserves Schmid: The overall economy is performing well and its growth is resilient.Federal Reserves Schmid: The Feds current policy stance is not restrictive.
