Malaysian palm oil/Vegoils: Market factors to watch Friday April 28

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 on Friday April 28.
    
FUNDAMENTALS
* Malaysian palm oil futures reversed gains on Thursday evening as the market took profit after hitting a two-week high.
* Chicago corn and soybean futures edged higher on Thursday on concerns about weather delays to spring planting and relief that the White House will not immediately withdraw the United States from the North American Free Trade Agreement (NAFTA).    
* Crude prices were slightly lower after a volatile session on Thursday, as the restart of two key Libyan oilfields and concerns about lackluster gasoline demand fed concern over whether
major oil producers can alleviate the glut of global inventories.
    
MARKET NEWS
* A gauge of world stock markets slipped on Thursday as a three-day rally stalled in the wake of a largely expected U.S. tax cut plan, while the euro weakened after comments from European Central Bank President Mario Draghi.
        
RELATED
 Good Argentina soy yields seen making up for flood, drought losses
 EU 2016/17 soybean imports down 5 pct, palm oil down 18 pct
 Brazil minister backs tariff to curb U.S. ethanol imports
 Dow Chemical eyes consumer markets as it readies for DuPont merger
 Wet planting weather could curb CBOT May corn deliveries
          
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