MPOB data to released on today noon. The survey data expecting rise in inventory. (See below survey data)
The long holiday in Malaysia have not priced in 1.3% drop in soybean oil (BO1!), market is expecting to open down later. Price below 2262 suggesting price move in correction. FCPO formed a double top formation with target at 2255.
FCPO support between 2263 2237 (see right chart)
Bloomberg Poll Aug vs Jul MPOB:
Prodn 1.65m vs +1.50m (+10%)
Expt 1.24m vs 1.21m (+2.5%)
Stks 2.41m vs 2.21m (+9%)
Reuters Poll:
Prodn 1.65m (+9.88%)
Impt 50k
Expt 1.23m (+2.25%)
LDsp 270k
Stks 2.41m (+8.96%)
CIMB Poll:
Prodn 1.681m (+11.8%)
Impt 44k
Expt 1.236m (+2.5%)
LDsp 239k
Stks 2.464m (+11.3%)
The long holiday in Malaysia have not priced in 1.3% drop in soybean oil (BO1!), market is expecting to open down later. Price below 2262 suggesting price move in correction. FCPO formed a double top formation with target at 2255.
FCPO support between 2263 2237 (see right chart)
Bloomberg Poll Aug vs Jul MPOB:
Prodn 1.65m vs +1.50m (+10%)
Expt 1.24m vs 1.21m (+2.5%)
Stks 2.41m vs 2.21m (+9%)
Reuters Poll:
Prodn 1.65m (+9.88%)
Impt 50k
Expt 1.23m (+2.25%)
LDsp 270k
Stks 2.41m (+8.96%)
CIMB Poll:
Prodn 1.681m (+11.8%)
Impt 44k
Expt 1.236m (+2.5%)
LDsp 239k
Stks 2.464m (+11.3%)
ノート
MPOB (August 18)Stocks: 2.49 million tonnes (+12.4%)
Production: 1.62 million tonnes (+7.9%)
Exports: 1.10 million tonnes (-8.1%)
Relatively bearish data released.
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