Malaysian palm oil/Vegoils: Market factors to watch Thursday Aug 30
The Star Online (30/08/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday Aug 30.
FUNDAMENTALS
* Malaysian palm oil futures slipped on Wednesday evening on the back of bearish price and production outlooks, especially in top producer Indonesia.
* U.S. wheat futures rose 3.5 percent on Wednesday on technical buying and rumors that Russia might curb wheat exports, traders said.
* Oil prices rose more than 1 percent on Wednesday, with Brent at its highest in seven weeks and U.S. crude touching a three-week peak, supported by a drawdown in U.S. crude and gasoline stocks and reduced Iranian crude shipments as U.S. sanctions deter buyers.
MARKET NEWS
* A major global stock index jumped to a 5-1/2-month high on Wednesday as optimism on the potential for U.S. trade deals cleared the path for technology stocks to resume their leadership mantle.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Aug 1-25 palm oil export data on Aug 31.
Cargo surveyor SGS releases Malaysia's Aug 1-25 palm oil export data on Aug 31. - Reuters