Malaysian palm oil/Vegoils: Market factors to watch Wednesday May 2
The Star Online (02/05/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday May 2.
FUNDAMENTALS
* Malaysian palm oil futures fell nearly 1 percent to their lowest level in two weeks on Monday, recording a third consecutive session of losses, due to weaker exports.
* U.S. wheat futures jumped to a two-month high Tuesday on a mix of technical buying on the first day of the new month and worries about crop prospects in the breadbasket of the southern Plains, analysts said.
* Oil prices slid more than 1 percent on Tuesday as the dollar remained near a four-month high, but worries that U.S. President Donald Trump will pull out of the Iran nuclear deal underpinned the market.
MARKET NEWS
* The S&P 500 and Nasdaq rose on Tuesday, helped by optimism over U.S. trade negotiations, while the dollar broke into positive territory for the year.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's May 1-10 palm oil export data on May 10.
Cargo surveyor SGS releases Malaysia's May 1-10 palm oil export data on May 10. - Reuters