Palm oil/Vegoils: Market factors to watch Monday May 9

Palm oil may break a support at 2,546 ringgit per tonne and fall more into a range of 2,505-2,530 ringgit, according to technical analysis by Wang Tao, a Reuters market analyst for commodities and energy technicals.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday May 9.
    
FUNDAMENTALS

* Malaysian palm oil futures closed marginally lower on Friday, posting their first drop in three sessions as falls in competing vegetable oils weighed, but found some support from industry data showing lower production and short-covering by traders. 

* U.S. soybean, corn and wheat futures rose on Friday on bargain buying after all three commodities posted sharp declines on Thursday. 

* Oil prices rose about 2 percent in early Asian trading on Monday as supply outages persisted over the weekend from Canada's wildfires that have shut half the country's vast oil sands capacity. 

    
MARKET NEWS

* U.S. stocks ended slightly higher on Friday as investors warmed to data showing U.S. wage growth in April despite weaker-than-expected jobs growth, whilethe wages data also pushed longer-dated Treasury yields higher.    

        
RELATED  
> China soybean imports set new April record; iron ore rises 
> Glencore in talks to sell further 9.9 pct stake in agriculture unit - sources 
> China commodities selloff deepens, as steel posts worst week since 2009    
> Managing Saudi's new energy mega-ministry may bring challenges 
> Oil drillers dig for the bottom for rig counts 
    
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's May 1-10 palm oil export data on May 10.
> Cargo surveyor SGS releases Malaysia's May 1-10 palm oil export data on May 10.
- Reuters