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
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