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 Thursday April 27.
FUNDAMENTALS
* Malaysian palm oil rebounded from earlier losses on Wednesday evening, rising for a third session in four as it was lifted by stronger performing soyoil and in a technical correction.
* U.S. corn futures fell more than 1 percent Wednesday on forecasts for better Midwest planting weather and news that the White House is considering an executive order on withdrawing from North American Free Trade Agreement, analysts said.
* Oil prices rebounded from early losses on Wednesday after U.S. government data showed a larger-than-expected falloff in crude inventories, which encouraged buying after several days of selling on worries that a global crude glut was persisting despite output cuts by producing countries.
MARKET NEWS
* Asian shares ticked down from near two-year high on Thursday after a long-awaited U.S. tax plan failed to inspire investors, though sentiment remains supported by global growth prospects and receding worries about political risks in Europe.
RELATED
U.S. lawmakers launch fresh bid to reform biodiesel tax credit
S. Africa considers strategic grain reserve as possible El Nino looms
S.Korea's NOFI gets offers in palm kernel and copra meal tender
Canada's CPPIB pension fund plans farmland retreat -sources
India govt think-tank backs local GM crop policy
DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s Apr 1-30 palm oil export data on May 1.
Cargo surveyor SGS releases Malaysia’s Apr 1-30 palm oil export data on May 1.
- Reuters
Limited time offer:
Just RM5 per month.
