26/05/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.

FUNDAMENTALS

* Malaysian palm oil futures rose for a second consecutive day, making their sharpest gains in three weeks and outpacing a stronger ringgit MYR= as they track improving rival oils in China.

* U.S. soybean futures jumped 3 percent on Wednesday, the biggest gain for the most-active contract in two weeks, boosted by concerns about a possible shortage of soymeal from Argentina.

* Oil prices rose about 2 percent on Wednesday after the U.S. government reported a larger-than-expected drop in crude inventories, but profit-taking after the data kept prices below the $50 a barrel level that oil bulls had been hoping for.

MARKET NEWS

* Asian shares look set to extend their recovery from 12-week lows on Thursday after renewed optimism on European banks' prospects and a rise in oil prices to near $50 a barrel helped lift global shares.

RELATED

> Corn glut in China set to pressure U.S. wheat market

> India seen holding off for now on reducing raw sugar import tax

> Argentina seen losing 4 mln to 8 mln tonnes of soy due to floods

> Crude oil inventories slump the most since April as imports fall

> Commodities shipping firms struggle to ride out worst downturn on record

DATA/EVENTS

> Cargo surveyor ITS releases Malaysia's May 1-30 palm oil export data on May 30.

> Cargo surveyor SGS releases Malaysia's May 1-30 palm oil export data on May 30.

Palm, soy and crude oil prices at 0032 GMT

Contract Month Last Change Low High Volume

MY PALM OIL JUN6 0 +0.00 0 0 0

MY PALM OIL JUL6 0 +0.00 0 0 0

MY PALM OIL AUG6 0 +0.00 0 0 0

CHINA PALM OLEIN SEP6 5186 +128.00 5120 5196 420804

CHINA SOYOIL SEP6 5904 +86.00 5868 5918 288186

CBOT SOY OIL JUL6 31.32 +0.70 31.27 31.4 653

INDIA PALM OIL MAY6 529.60 +0.70 524.20 531.5 718

INDIA SOYOIL JUN6 639.2 -0.85 631.5 640 81600

NYMEX CRUDE JUL6 49.61 +0.05 49.53 49.73 4576

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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel