Malaysian palm oil/Vegoils: Market factors to watch Monday Aug 7

Malaysian palm oil futures came off near three-month lows to trade higher on Tuesday evening on concerns about a decline in February production, traders say.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Aug 7.

FUNDAMENTALS
* Malaysian palm oil futures recovered from their lowest in 1-1/2 weeks on Friday to trade slightly higher in the evening, underpinned by an improving export demand.
* Chicago Board of Trade soybean futures fell on Friday, pressured by outlooks for rain and cool weather in key U.S. growing areas that will foster development of the crop during critical periods, traders said.
* Oil prices rose on Friday after a strong U.S. jobs report bolstered hopes for growing energy demand, but crude prices declined for the week, pressured by rising OPEC exports and strong U.S.output.

MARKET NEWS
* The U.S. dollar and bond yields climbed while stocks on Wall St rose modestly on Friday, following a stronger-than-expected U.S. jobs report, which also showed a pick up in wage growth for the world's largest economy.

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DATA/EVENTS
 Cargo surveyor ITS releases Malaysia’s July 1-31 palm oil export data on August 10.
 Cargo surveyor SGS releases Malaysia’s July 1-31 palm oil export data on August 10. - Reuters