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 July 12.
FUNDAMENTALS
* Malaysian palm oil futures fell from a seven-week high reached in early trade on Tuesday, as traders sold on expectations of rising production for the month of July.
* U.S. soybean futures hit a four-month high Tuesday on worries about stressful crop weather in the Midwest and as traders squared positions one day ahead of monthly reports from the U.S. Department of Agriculture.
* Oil prices climbed more than 2.5 percent on Tuesday along with rising heating oil futures on reports showing cuts in U.S. oil production and declines in U.S. crude and European product stockpiles.
MARKET NEWS
*Asian shares steadied on Wednesday after Wall Street managed to weather a fresh twist in the political controversy surrounding U.S. President Donald Trump's administration, while investors looked ahead to Federal Reserve Chair Janet Yellen's comments later in the day.
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DATA/EVENTS
Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 15.
Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 15.
- Reuters
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