The oil palm (Elaeis guineensis) is native to West Africa. It was introduced to then Malaya by the British in the 1870s. Photos: MPOC
KUALALUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday June 28.
FUNDAMENTALS
* Malaysian palm oil futures fell in Friday evening trade, charting a third day of losses in four on expectations of rising output.
* U.S. spring wheat futures hit their highest level in nearly three years on Tuesday on forecasts for stressful weather in the northern Plains, analysts said.
* Oil prices fell early on Wednesday after a report of rising U.S. fuel inventories underscored concerns that a three-year old crude glut is far from over.
MARKET NEWS
* The euro rose the most in a year against the U.S. dollar on Tuesday after European Central Bank President Mario Draghi fueled market expectations the ECB will reduce stimulus later this year, and the dollar's weakness helped buoy crude prices.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s June 1-30 palm oil export data on June 30.
Cargo surveyor SGS releases Malaysia’s June 1-30 palm oil export data on June 30. - Reuters
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