Malaysian palm oil/Vegoils: Market factors to watch Monday Sept 19

Malaysian palm oil futures closed higher on Tuesday, recovering from earlier declines as the ringgit's weakness helped prices

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Sept 19.

FUNDAMENTALS

* Malaysian palm oil futures rose on Thursday, reversing losses from the previous two sessions, as a weaker ringgit offset the impact of an increase in crude palm oil export tax.

* U.S. corn futures rose 1.9 percent on Friday as worries about rains delaying the Midwest harvest prompted traders to cover short positions ahead of the weekend, analysts said.

* Crude oil prices fell 2 percent on Friday to multi-week lows as swelling Iranian exports reinforced fears of a global glut, while gasoline rallied on refinery and pipeline outages.

MARKET NEWS

* Caution gripped Asian shares on Monday ahead of central bank meetings in the United States and Japan this week, while oil prices bounced on talk of an OPEC deal on output and reports of fighting around Libyan oil ports.

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Bayer in $66 bln bet that farmers will back linked-up supplies > Malaysian palm export tax to dampen demand, but output under pressure > OPEC sec-gen says may call extra meeting if consensus at Algiers - APS

DATA/EVENTS

Cargo surveyor ITS releases Malaysia's Sept 1-15 palm oil export data on Sept 20.

Cargo surveyor SGS releases Malaysia's Sept 1-15 palm oil export data on Sept 20.

Reuters