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 Wednesday May 24.
FUNDAMENTALS
* Malaysian palm oil futures declined on Tuesday evening, their first drop in three sessions, weighed down by a stronger ringgit MYR= and forecasts of rising production.
* U.S. corn futures fell 1.5 percent on Tuesday, halting a two-session advance as weekly U.S. planting progress data eased concerns about rain-related delays in the Midwest, analysts said.
* Oil prices settled a bit higher on Tuesday as expectations of an extension to OPEC-led supply cuts overshadowed a White House proposal to sell half of U.S. petroleum reserves.
MARKET NEWS
* Wall Street rose on Tuesday as investors were relieved by the release of President Donald Trump's budget proposal and oil prices inched up in spite of a White House proposal to sell half the country's petroleum reserves.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s May 1-25 palm oil export data on May 25.
Cargo surveyor SGS releases Malaysia’s May 1-25 palm oil export data on May 25. - Reuters
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