Malaysian palm oil/Vegoils: Market factors to watch Thursday July 26
The Star Online (26/07/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday July 16.
FUNDAMENTALS
* Malaysian palm oil futures fell to a near three-year low on Wednesday before reversing course as new demand emerged.
* U.S. wheat futures surged to eight-week highs on Wednesday, supported by concerns about crop shortfalls in key production areas around the globe, traders said.
* Brent crude led oil prices higher, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low.
MARKET NEWS
* Asian stocks edged higher on Thursday, taking comfort from gains on Wall Street after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work toward eliminating trade barriers on industrial goods.
RELATED
EU offers trade concessions in talks with Trump -Wall Street Journal
Australia's agriculture minister hails 'good friend' China
Oil rises after Saudi Arabia suspends shipments through Red Sea lane following attack
U.S. crude inventories slump 6 mln bbls to Feb 2015 low -EIA
DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's July 1-30 palm oil export data on July 30.
Cargo surveyor SGS releases Malaysia's July 1-30 palm oil export data on July 30. - Reuters