Yahoo Finance (03/10/2019) – KUALA LUMPUR, Oct 3 (Reuters) - Malaysian palm oil futures edged higher in early trade on Thursday, recovering from a more than 1% fall in the previous session, as soy prices stabilised.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.3% at 2,147 ringgit per tonne around 0255 GMT.

U.S. soyoil futures on the U.S. Chicago Board of Trade were last down 0.1% after a bout of profit taking on Wednesday.

The Dalian commodity exchange is closed for the rest of the week for holidays.

FUNDAMENTALS

* More than 20 ships carrying around one million tonnes of grain are stuck outside Iranian ports as U.S. sanctions create payment problems and hamper the country's efforts to import vital commodities, sources directly involved in the trade said.

* U.S. wheat futures edged higher on Thursday, rebounding slightly from losses of 2% in the previous session, though gains were checked as North American supplies remain uncompetitive into major markets.

* Oil futures extended losses as weak economic data weighed on the outlook for fuel demand, which was made worse by a larger than expected rise in U.S. crude inventories.

MARKET NEWS

* Asian stocks, already under pressure from growing global growth fears, tumbled on Thursday after New York markets slumped overnight because the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union.

* Wall Street's main indexes suffered their sharpest one-day declines in nearly six weeks on Wednesday after employment and manufacturing data suggested that the U.S.-China trade war is taking an increasing toll on the U.S. economy.

* The dollar nursed losses on Thursday, hitting near one-week lows against the euro and yen, amid signs of a slowdown in U.S. economic growth and a deepening of global trade tensions.