Malaysian palm oil futures rose on Tuesday evening in their second consecutive day of gains, helped by strong export data and firmer soyoil prices
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Aug 22.
FUNDAMENTALS
* Malaysian palm oil futures surged to a near-five-month high in evening trade on Monday, supported by forecasts of slower than expected output growth and technical buying despite weaker export data from cargo surveyors.
* U.S. grain prices fell about 1 percent on Monday, with benchmark Chicago Board of Trade December corn CZ7 sinking to a nearly one-year low, on technical selling and easing concerns that dry weather would reduce harvests.
* Oil prices fell nearly 2 percent ahead of monthly contract expiration on Monday, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply.
MARKET NEWS
* A gauge of world stock indexes edged up after touching a 5-1/2-week low on Monday as geopolitical uncertainty kept gains in check but metals prices dazzled, helped in part by Chinese demand.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Aug 1-31 palm oil export data on August 31.
Cargo surveyor SGS releases Malaysia's Aug 1-31 palm oil export data on August 31. - Reuters
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