Technical View FCPO 11.01.2019

• Malaysia’s palm oil futures declined at their sharpest daily rate in two weeks by the end of trade on Thursday, snapping two sessions of gains, on bearish official data on December inventories, production and exports.

• U.S. soybean futures fell sharply on Thursday on a lack of fresh demand from China and after Brazillian crop forecaster Conab said Brazil’s soy crop was larger than some traders had expected.

• Brazillian statistic agency Conab cut its estimate of the 2018/29 soybean harvest to 118.8 million tonnes from 120.1 million in December. Many traders had been expected a deeper cut
• following hot, dry, weather in parts of the country.

• Oil prices were slightly lower on Thursday in see-saw trade, easing the day after a strong rally as investors were no longer encouraged by U.S.-China trade talks and as weak Chinese economic data dampened risk appetite.

• BMD FCPO Mar contract & CME Soyoil Mar contract spread: 87.767

• BMD FCPO Jan contract & ICE Gasoil Jan contract spread: 51.354