Malaysian palm oil/Vegoils: Market factors to watch Thursday May 3
The Star Online (03/05/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 3.
FUNDAMENTALS
* Malaysian palm oil futures rose on the back of a weaker ringgit in its early session on Wednesday, but pared gains in the second half of trade as strength in related edible oils eased.
* U.S. soybean futures fell on Wednesday on concerns about decreased export demand from China as well as rising expectations for a bumper crop in Brazil, traders said.
* Oil prices fell early on Thursday, pulled down by a rise in U.S. crude inventories and record weekly U.S. production, which is countering efforts by producer cartel OPEC to cut supplies and prop up prices.
MARKET NEWS
* Asian shares were subdued on Thursday ahead of anxiously-awaited Sino-U.S. trade talks, while the U.S. dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes this year.
RELATED
Trade rows spell gain, and pain, for U.S. grain exporters
Trade tensions crimp U.S. soybean sales to China -Bunge CEO
U.S. cuts off Brazil tariff talks, adopts steel import quotas
EU proposes to cut farm subsidies, France says unacceptable
India approves subsidy for cane farmers to help sugar mills -govt source
DATA/EVENTS
Cargo surveyor AmSpec 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.
- Reuters