Malaysian palm oil futures rose on Tuesday evening in their second consecutive day of gains, helped by strong export data and firmer soyoil prices
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday Aug 22.
FUNDAMENTALS
* Malaysian palm oil futures surged to a near-five-month high in evening trade on Monday, supported by forecasts of slower than expected output growth and technical buying despite weaker export data from cargo surveyors.
* U.S. grain prices fell about 1 percent on Monday, with benchmark Chicago Board of Trade December corn CZ7 sinking to a nearly one-year low, on technical selling and easing concerns that dry weather would reduce harvests.
* Oil prices fell nearly 2 percent ahead of monthly contract expiration on Monday, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply.
MARKET NEWS
* A gauge of world stock indexes edged up after touching a 5-1/2-week low on Monday as geopolitical uncertainty kept gains in check but metals prices dazzled, helped in part by Chinese demand.
RELATED
EU crop monitor raises 2017 maize yield forecast, wheat unchanged
Corn yields found below average in southeastern South Dakota
German wheat harvest hit by rain, worry about quality loss
Russian wheat prices fall, tracking lower global benchmarks
U.S. farmers confused by Monsanto weed killer's complex instructions
DATA/EVENTS
Cargo surveyor ITS releases Malaysia's Aug 1-31 palm oil export data on August 31.
Cargo surveyor SGS releases Malaysia's Aug 1-31 palm oil export data on August 31. - Reuters
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
