Malaysian palm oil futures rose more than 1 percent on Friday evening, charting a third straight day of gains, supported by a weaker ringgit MYR= and rising related edible oils.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday June 19.
FUNDAMENTALS
* Malaysian palm oil futures rose more than 1 percent on Friday evening, charting a third straight day of gains, supported by a weaker ringgit MYR= and rising related edible oils.
* Chicago Board of Trade wheat futures rallied 2.6 percent on Friday to their highest in nearly a year, with concerns about shortfalls in the U.S. crop sparking a round of short-covering by investment funds, traders said.
* Oil prices on Friday bounced up off the year's lows as some producers reduced exports and U.S. rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply.
MARKET NEWS
* U.S. stocks ended little changed on Friday, though Amazon.com's deal to buy upscale grocer Whole Foods Market pressured a wide range of companies including Wal-Mart, while the dollar and U.S. Treasury yields dipped after disappointing economic data.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s June 1-20 palm oil export data on June 20.
Cargo surveyor SGS releases Malaysia’s June 1-20 palm oil export data on June 20. - Reuters
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