Malaysian palm oil/Vegoils: Market factors to watch Monday May 21
The Star Online (21/05/2018) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday May 21.
FUNDAMENTALS
* Malaysian palm oil futures rose as much as 1 percent on Friday to their highest in more than five weeks, tracking gains in related edible oils and crude oil, while a weaker ringgit also lent support.
* U.S. wheat futures rallied on Friday, with the benchmark Chicago Board of Trade soft red winter wheat contract Wv1 surging 4.1 percent on forecasts for dry conditions that could further stress an already damaged crop.
* Oil prices fell on Friday, but Brent crude marked its sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran.
MARKET NEWS
* U.S. stock futures jumped on Monday as U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is "on hold" after the world's two largest economic powers agreed to drop their tariff threats while they work on a wider trade agreement.
RELATED
U.S. soybean exports scrapped as China shifts to Brazilian beans
China retreats from U.S. sorghum probe amid global market havoc
Farmers worldwide struggle with rising fuel costs
Warm weather helps EU maize planting but raises yield risk
DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's May 1-20 palm oil export data on May 21.
Cargo surveyor SGS releases Malaysia's May 1-20 palm oil export data on May 21.
- Reuters