Malaysian palm oil/Vegoils: Market factors to watch Wednesday May 30
The Star Online (30/05/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday May 30.
FUNDAMENTALS
* Malaysian palm oil futures fell as much as 1.9 percent on Monday evening, hitting their lowest in more than a week, tracking losses in crude and weaker related edible oils.
* U.S. corn futures fell about 1.5 percent on Tuesday, with the front contract at times dropping below $4 a bushel as U.S. trade tensions with China re-emerged, analysts said.
* U.S. crude futures fell more than $1 on Tuesday on worries that Saudi Arabia and Russia will pump more crude to boost supplies after more than a year of reducing worldwide inventories.
MARKET NEWS
* Asian shares looked set for a sharp fall on Wednesday as Italy's political crisis provoked a sell-off on Wall Street, sent the euro to a 10-month low and spiked borrowing costs for the government in Rome.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's May 1-31 palm oil export data on May 31.
Cargo surveyor SGS releases Malaysia's May 1-31 palm oil export data on May 31. - Reuters