01/07/2016 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday July 1.

FUNDAMENTALS

* Malaysian palm oil futures bounced back from early losses to close 1.3 percent higher on Thursday, as the market recovered from an oversold state, while gains in soy also boosted sentiment.

* U.S. wheat futures sank to a six-year low on Thursday and corn futures hit an 11-week low after the agriculture department said farmers had planted more of the grains than expected.

* Oil prices dropped more than 3 percent on Thursday, pressured by returning Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years.

MARKET NEWS

* Asian stocks rose on Friday as global riskier assets continued to recover from last week's Brexit shock, while the pound came under renewed pressure after the Bank of England's governor hinted of an interest rate cut ahead.

RELATED 

* U.S. farmers plant more corn, soy than planned in spring -USDA
* La Nina weather should boost 2017 palm oil yields, support prices
* Oil, gold propel market to biggest quarterly rally in years
* Brazil ag ministry to suspend 500,000 t corn auction as prices fall
* In rare move, Alvean buys sugar in ICE July expiry - traders