Malaysian palm oil/Vegoils: Market factors to watch Thursday Oct 18
18.10.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday Oct 18.
FUNDAMENTALS
* Malaysian palm oil futures notched up a second day of gains on Wednesday, climbing to a five-week high, buoyed by firm soyoil on the Chicago Board of Trade and expectations of lean production growth in October.
* U.S. soybean futures firmed modestly on Wednesday in largely technical trade along with fund-driven buying and strength in allied soymeal futures, analysts said.
* Oil prices fell on Wednesday, with U.S. futures settling below $70 a barrel for the first time in a month, after U.S. crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.
MARKET NEWS
* Oil prices fell on Wednesday after U.S. crude inventories rose by much more than expected and exports fell, while the dollar added to gains after minutes showed Federal Reserve policy makers largely united on the need to raise borrowing costs further.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Oct 1-20 palm oil export data on Oct 20.
Cargo surveyor SGS releases Malaysia's Oct 1-20 palm oil export data on Oct 20. - Reuters