Malaysian palm oil/Vegoils: Market factors to watch Wednesday Aug 29
29.08.2018 (The Star Online) - KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
* Malaysian palm oil futures rose more than 1 percent to a one-week high on Tuesday evening, supported by a bullish price outlook by an analyst at an industry conference in Kuala Lumpur.
* U.S. soybean futures fell nearly 2 percent on Tuesday, with the benchmark November contract SX8 on the Chicago Board of Trade hitting a six-week low on expectations of a bumper U.S. harvest and uncertainty about demand, analysts said.
* Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of U.S. sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries.
MARKET NEWS
* A global stocks index advanced to more than five-month highs on Tuesday, the day after a U.S.-Mexico trade deal boosted investor confidence.
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DATA/EVENTS
Cargo surveyor AmSpec releases Malaysia's Aug 1-25 palm oil export data on Aug 31.
Cargo surveyor SGS releases Malaysia's Aug 1-25 palm oil export data on Aug 31. - Reuters