Malaysian palm oil/Vegoils: Market factors to watch Monday Jan 15
15/01/2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Jan 15.
FUNDAMENTALS
* Malaysian palm oil futures fell by more than 1 percent on Friday evening, extending a sharp decline from the previous session to hit their lowest in nearly two weeks, tracking weakness in related edible oils as the ringgit strengthened.
* Chicago wheat futures tumbled nearly 3 percent on Friday, notching their biggest daily decline since August, after the U.S. Department of Agriculture showed larger-than-expected U.S. winter wheat plantings.
* Oil prices dipped on Monday as rising drilling activity in the United States pointed to higher future output, although output cuts led by OPEC and Russia as well as healthy demand kept crude near December 2014 highs reached last week.
MARKET NEWS
* Asian shares hit historic highs on Monday as Wall Street extended its record-breaking run, while the U.S. dollar remained on the defensive as investors priced in the risk of tighter policies elsewhere in the rich world.
RELATED
As oil hits $70, warning lights flash up in Asia
China's COFCO makes painful cuts in drive to lead global food trade
Whoops! Last-minute change to U.S. tax overhaul splits grains sector
China soy imports hit second-highest on record in Dec -Customs
DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Jan 1-15 palm oil export data on Jan 15.
Cargo surveyor SGS releases Malaysia's Jan 1-15 palm oil export data on Jan 15.
- Reuters