Malaysian palm oil/Vegoils: Market factors to watch Thursday June 29

Malaysian palm oil futures reversed earlier gains to fall in the second half of trade on Wednesday, dragged down by expectations of rising production in the coming months.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday, June 29.

FUNDAMENTALS

* Malaysian palm oil futures reversed earlier gains to fall in the second half of trade on Wednesday, dragged down by expectations of rising production in the coming months.

* U.S. spring wheat futures surged 3.4 percent on Wednesday, topping $7 a bushel for the first time in nearly three years on worries that stressful weather will curb production of the high-quality milling wheat, analysts said. 

* Crude oil futures rose for a sixth consecutive session on Thursday, as a decline in U.S. production underpinned the market that has been under pressure from a global supply glut.

MARKET NEWS

* The dollar languished at its lows for the year on Thursday as a drumbeat of hawkish comments from major central banks signalled the era of easy money might be coming to an end for more than
just the United States.

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DATA/EVENTS

 Cargo surveyor ITS releases Malaysia’s June 1-30 palm oil export data on June 30.

 Cargo surveyor SGS releases Malaysia’s June 1-30 palm oil export data on June 30. - Reuters