Malaysian palm oil/Vegoils: Market factors to watch Friday July 1

Profitable: Excluding the forex gain, IOI said the underlying pre-tax profit in Q2 was up 76% year-onyear at RM649.2mil on a 3.9% higher revenue of RM2.97bil.

* Malaysian palm oil futures bounced back from early losses to close 1.3 percent higher on Thursday, as the market recovered from an oversold state, while gains in soy also boosted sentiment. 

* U.S. wheat futures sank to a six-year low on Thursday and corn futures hit an 11-week low after the agriculture department said farmers had planted more of the grains than expected.