Malaysian palm oil/Vegoils: Market factors to watch Wednesday July 18
18.07.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday July 18.
FUNDAMENTALS
* Malaysian palm oil futures edged down slightly at the close of trade on Tuesday, tracking overnight losses in soyoil, but remained largely range-bound as a weaker ringgit MYR= offset losses, traders said.
* U.S. soybean and corn futures rose on Tuesday as lower-than-expected crop ratings and increased hopes for a resolution to the U.S.-China trade battle helped to extend a recovery from sharp losses last week.
* Oil prices dropped on Wednesday after an industry group reported that U.S. crude inventories rose last week, defying analyst expectations for a significant reduction.
MARKET NEWS
* Asian shares followed Wall Street higher on Wednesday as a bullish outlook from the head of the U.S. central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's July 1-20 palm oil export data on July 20.
Cargo surveyor SGS releases Malaysia's July 1-20 palm oil export data on July 20. - Reuters