Malaysian palm oil/Vegoils: Market factors to watch Wednesday May 23
23.05.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday May 23.
FUNDAMENTALS
* Malaysian palm oil futures climbed to a six-week high in evening trade on Tuesday, charting a third session of gains in four, tracking overnight strength in U.S. soyoil and crude oil prices.
* U.S. wheat futures surged nearly 3 percent on Tuesday on technical buying and crop production concerns due to dry weather in the U.S. Plains wheat belt and other major production areas around the globe.
* Oil prices edged lower on Wednesday as the market took a breather on expectations OPEC may raise supplies as early as June, although geopolitical risks kept a floor under the market.
MARKET NEWS
* Asian shares edged up on Wednesday but investors were cautious after U.S. President Donald Trump tempered optimism over progress made so far in trade talks between the world's two largest economies.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's May 1-20 palm oil export data on May 25.
Cargo surveyor SGS releases Malaysia's May 1-20 palm oil export data on May 25. - Reuters