Malaysian palm oil/Vegoils: Market factors to watch Wednesday July 19
19/07/2017 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday July 19.
FUNDAMENTALS
* Malaysian palm oil futures fell to a two-week low in late trade on Tuesday, dropping nearly 1 percent as the market was weighed down by expectations of rising production.
* Chicago Board of Trade corn futures were higher on Tuesday, lifted by concerns that hot and dry weather could reduce yields for the U.S. harvest in the wake of government data showing deteriorating crop condition ratings, traders said.
* Oil prices rose slightly on Tuesday as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of an OPEC-led supply reduction pact complicated the outlook.
MARKET NEWS
* A fresh setback to U.S. President Donald Trump's domestic agenda on Tuesday wounded an already-limping U.S. dollar and deflated U.S. Treasury yields.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 20.
Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 20.
- Reuters