Malaysian palm oil/Vegoils: Market factors to watch Friday Feb 22
22.02.2019 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Feb 22.
FUNDAMENTALS
* Malaysian palm oil futures recovered from a one-month low on Thursday, tracking strength in U.S. soyoil and snapping two sessions of declines.
* Chicago wheat futures rebounded on Thursday after a four-day slide, while the grains market overall steadied as U.S. and China trade negotiators sketched an outline for what could be a deal to end the trade war.
* Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East dominated producer club OPEC to withhold supply and tighten global markets.
* Wall Street stocks fell on Thursday due to a deteriorating economic outlook that was only partially offset by signs of trade progress between China and the United States, while gold and oil prices retreated from their recent peaks.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Feb 1-25 palm oil export data on Feb 25.
Cargo surveyor SGS releases Malaysia's Feb 1-25 palm oil export data on Feb 25.
Cargo surveyor ITS releases Malaysia's Feb 1-25 palm oil export data on Feb 25. - Reuters