Malaysian palm oil/Vegoils: Market factors to watch Thursday May 24
The Star Online (24/05/2018) – Kuala Lumpur: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 24.
FUNDAMENTALS
* Malaysian palm oil futures declined in trade on Wednesday evening, tracking weakness in crude oil prices and as traders booked profit after the vegetable oil jumped to a six-week high in the
previous session.
* U.S. soybean futures scaled to a 2-1/2-week high on Wednesday as signs of renewed Chinese demand for U.S. exports lifted prices for a fourth straight session.
* Oil benchmarks fell on Wednesday after an unexpected build in U.S. crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.
MARKET NEWS
* Asian shares moved lower on Thursday as investors fretted about new setbacks in U.S.-China trade talks, but negative sentiment was tempered by U.S. Federal Reserve meeting minutes suggesting it would not raise the tempo at which it increases interest rates.
RELATED
U.S. wants China to approve more biotech crops under trade deal -sources
Large U.S. refiner Marathon seeks biofuel hardship waiver - sources
Brazil withholds corn subsidies owed to farmers, grain handlers
China signals to state giants: 'Buy American' oil and grains
DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's May 1-20 palm oil export data on May 25.
Cargo surveyor SGS releases Malaysia's May 1-20 palm oil export data on May 25.
- Reuters