Malaysian palm oil/Vegoils: Market factors to watch Friday June 29
The Star Online (29/06/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday June 29.
FUNDAMENTALS
* Malaysian palm oil futures rose more than 1 percent to its highest in over two weeks on Thursday, gaining on the back of a weaker ringgit and a favourable palm oil-to-gasoil spread.
* U.S. corn and soybeans futures drifted lower on Thursday ahead of a key U.S. government report due on Friday expected to raise estimates of U.S. 2018 corn and soybean plantings.
* U.S. oil prices on Friday held around three-and-a-half year highs touched the previous day as a Canadian production outage disrupted the North American market.
MARKET NEWS
* Asian shares remained near nine-month lows on Friday despite small gains on Wall Street overnight, as ongoing concerns over global trade frictions dampened sentiment, though a move to ease foreign investment curbs in China could boost markets there.
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Palm prices to decline in next 2 mths, India demand to remain weak -Mistry
DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's June 1-30 palm oil export data on June 30.
Cargo surveyor SGS releases Malaysia's June 1-30 palm oil export data on June 30. - Reuters