The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.
FUNDAMENTALS
- Malaysian palm oil futures edged up to their highest in over two weeks on Friday to record their biggest weekly gain in four months, buoyed by a weak ringgit and firm overseas soy markets.
- U.S. corn futures fell on Friday and posted a second straight weekly decline after the U.S. government lowered its targets for ethanol blending and as corn export demand slumped for the crop harvested this autumn.
- Crude oil prices jumped almost 5 percent on Friday, their biggest rally in 1-1/2 months, as a steady U.S. dollar and a bigger than expected drop in U.S. oil rigs in operation set off a renewed rush of bullish bets.
RELATED
- Indonesia keeps palm oil, cocoa bean export tax unchanged in June.
- Port workers lift strike threat in Argentina export hub: port chamber.
- U.S. biofuel rules seek compromise, but industries vow fight.
- Ethanol credits slump, biodiesel prices rise after U.S. EPA quotas.
- Agribusiness nervous as WHO cancer unit analyzes popular pesticide.
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