Malaysian palm oil futures fell in late trade on Friday, charting a third straight session of declines, as they tracked weaker performing soyoils and slowing export demand.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday May 19.
FUNDAMENTALS
* Malaysian palm oil futures fell on Thursday evening, tracking weaker soyoil on the Chicago Board of Trade and other related edible oils on China's Dalian Commodity Exchange.
* U.S. soybean futures fell more than 3 percent on Thursday as a plunge in the value of Brazil's currency encouraged Brazilian farmers to step up sales from their record-large harvest, analysts said.
* Oil futures rose in early trading on Friday on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains
MARKET NEWS
* Wall Street rebounded on Thursday from its biggest sell-off in more than eight months, helped by strong U.S. economic data, but uncertainty over U.S. President Donald Trump's agenda kept an index of global equity markets near a three-week low.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-20 palm oil export data on May 20.
Cargo surveyor SGS releases Malaysia’s May 1-20 palm oil export data on May 20. - Reuters
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