08/06/2017 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.

FUNDAMENTALS

* Malaysian palm oil futures recovered from losses seen earlier in the day, rising for a second consecutive day on Friday as they tracked a weaker performing ringgit MYR= and as traders short covered ahead of the weekend.

* U.S. wheat futures rose on Friday, supported by lingering concerns about crop damage in the U.S. Plains following a snow storm at the weekend.

* Oil prices rose on Monday on a growing conviction that an OPEC-led production cut initially scheduled to end in June would be extended to cover all of 2017, although a relentless increase in U.S. drilling activity is seen capping gains.

MARKET NEWS

* The euro firmed and U.S. stock futures hit a record high on Monday after centrist Emmanuel Macron comfortably won the French presidential election.

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DATA/EVENTS

> Cargo surveyor ITS releases Malaysia’s May 1-10 palm oil export data on May 10.

> Cargo surveyor SGS releases Malaysia’s May 1-10 palm oil export data on May 10.