Malaysian palm oil/Vegoils: Market factors to watch Wednesday Feb 27
27.02.2019 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Feb 27.
FUNDAMENTALS
* Malaysian palm oil futures dropped over 1 percent at the close of trade on Tuesday, hitting their lowest levels in nearly six weeks, pressured by weaker soyoil prices and a forecast that February palm output will be higher than usual.
* U.S. wheat futures slid for a second consecutive session on Tuesday to the lowest in 10 months as cheaper exports from producers including Russia weighed on demand for U.S. supplies.
* Oil futures rose slightly on Tuesday after news that OPEC planned to continue production cuts despite comments from U.S. President Donald Trump, who criticized the producer group for rising crude prices a day earlier.
MARKET NEWS
* Britain's pound vaulted to a 21-month high against the euro on Tuesday on hopes that the worst of all Brexits will be avoided, while world shares took a breather after scaling five-month peaks.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Feb 1-28 palm oil export data on Feb 28.
Cargo surveyor SGS releases Malaysia's Feb 1-28 palm oil export data on Feb 28.
Cargo surveyor ITS releases Malaysia's Feb 1-28 palm oil export data on Feb 28. - Reuters