Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil
markets.
FUNDAMENTALS
* Malaysian palm oil futures fell from a near two-week high on Friday, reversing gains made earlier, as they were weighed down by weaker exports and expectations of rising production.
* Chicago Board of Trade wheat futures closed above $5 a bushel on Friday for the first time in a year, buoyed by diminishing outlooks for spring wheat crops in both the United States and Canada, analysts said.
* Oil climbed on Friday for a seventh straight session as a decrease in the U.S. rig count and stronger demand data from China lifted depressed prices that still finished the first half with the biggest decline for that period since 1998.
MARKET NEWS
* Oil rose for a seventh straight session on Friday on a declining U.S. rig count and stronger demand data from China, while U.S. equities mostly rebounded to end a volatile week on an up-beat, helped by a double-digit jump in Nike shares.
RELATED
U.S. soy acres hit record high; wheat plantings lowest ever -USDA
U.S. biodiesel output rises to 127 million gallons in April -EIA
Chilean scientists produce biodiesel from microalgae
Egypt's GASC buys 20,000 tonnes of soyoil in tender
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-10 palm oil export data on July 10.
Cargo surveyor SGS releases Malaysia’s July 1-10 palm oil export data on July 10. - Reuters
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