MARKET DEVELOPMENT
VEGOILS-Market Factors to Watch August 21
VEGOILS-Market Factors to Watch August 21
21/08/2017 (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 session by the close on Friday, climbing by nearly 1 percent and buoyed by expectations of rising demand and tracking gains in palm kernel oil prices.
* U.S. corn edged lower on Monday to linger near a seven-week low as weather forecasts called for rain across key producing regions, easing fears of potential production losses due to dry weather.
* Oil prices rose sharply on Friday, as the dollar fell and U.S. drillers cut rigs, feeding a rally that boosted global benchmark Brent crude to a weekly gain while U.S. crude was virtually flat on the week.
MARKET NEWS
* Wall Street indexes and the U.S. dollar ended a volatile session lower after a week of drama in Washington intensified doubts about President Donald Trump's ability to deliver on pro-growth policy promises such as tax reform.
RELATED
> India's refined palm oil imports to fall as duty change makes crude palm cheaper
> Egypt's GASC says seeking soyoil, sunflower oil in tender
> Record U.S. soy harvest forecast could grow as weather improves
> China's COFCO forms U.S. grain supply partnership with Growmark
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Aug 1-20 palm oil export data on August 21.
> Cargo surveyor SGS releases Malaysia's Aug 1-20 palm oil export data on August 21.
FUNDAMENTALS
* Malaysian palm oil futures rose for a second consecutive session by the close on Friday, climbing by nearly 1 percent and buoyed by expectations of rising demand and tracking gains in palm kernel oil prices.
* U.S. corn edged lower on Monday to linger near a seven-week low as weather forecasts called for rain across key producing regions, easing fears of potential production losses due to dry weather.
* Oil prices rose sharply on Friday, as the dollar fell and U.S. drillers cut rigs, feeding a rally that boosted global benchmark Brent crude to a weekly gain while U.S. crude was virtually flat on the week.
MARKET NEWS
* Wall Street indexes and the U.S. dollar ended a volatile session lower after a week of drama in Washington intensified doubts about President Donald Trump's ability to deliver on pro-growth policy promises such as tax reform.
RELATED
> India's refined palm oil imports to fall as duty change makes crude palm cheaper
> Egypt's GASC says seeking soyoil, sunflower oil in tender
> Record U.S. soy harvest forecast could grow as weather improves
> China's COFCO forms U.S. grain supply partnership with Growmark
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Aug 1-20 palm oil export data on August 21.
> Cargo surveyor SGS releases Malaysia's Aug 1-20 palm oil export data on August 21.