Malaysian palm oil/Vegoils: Market factors to watch Thursday Aug 24

Malaysian palm oil futures rose to their highest in two weeks on Monday in a fourth consecutive session of gains, tracking other edible oils and on forecasts of lower end-stocks in Indonesia.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday Aug 24.

FUNDAMENTALS
* Malaysian palm oil futures rose slightly at the close of trade on Wednesday, their fifth consecutive day of gains, tracking stronger soyoil prices on the Chicago Board of Trade (CBOT).

* U.S. corn futures sank to their lowest levels of the year on Wednesday on fund-driven technical selling and plentiful global grain supplies, analysts said.
* Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week and as a storm approached the Gulf Coast with the potential to disrupt oil and refined products output.

MARKET NEWS
* Asian stocks edged up on Thursday, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump's threat to shut down the government, though the dollar remained sluggish.

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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