Malaysian palm oil/Vegoils: Market factors to watch Wednesday Jan 17
17/01/2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Jan 17.
FUNDAMENTALS
* Malaysian palm oil futures fell as much as 2 percent in Tuesday evening trade, touching their lowest in more than two weeks, as a stronger ringgit and concerns over a European Union vote to curb palm oil imports dented sentiment.
* U.S. wheat futures fell to a one-month low on Tuesday, pressured by ample global grain supplies and a government forecast on Friday that said U.S. farmers planted more winter wheat this season than had been expected.
* Oil prices dropped off three-year highs on Tuesday as traders booked profits but healthy demand underpinned prices near $70 per barrel, a level not seen since the market slump in 2014.
MARKET NEWS
* World stock markets slipped on Tuesday, giving back early gains as Wall Street pulled back from initial highs after a decline in oil and metals dragged energy and materials stocks lower.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Jan 1-20 palm oil export data on Jan 20.
Cargo surveyor SGS releases Malaysia's Jan 1-20 palm oil export data on Jan 20.
- Reuters