The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.3 percent at 2,635 ringgit ($609.95) a tonne at the close. It earlier fell to 2,597 ringgit, its lowest since Tuesday. The contract is however down 0.6 percent for the week, its first weekly decline in three.
KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Aug 23.
FUNDAMENTALS
* Malaysian palm oil futures extended gains on Tuesday evening to five-month highs on concerns about production, and tracking advances in related edible oils.
* U.S. wheat futures 0#W: sank to contract lows on Tuesday, weighed down by abundant global supplies and technical selling as prices extended a fall that started in early July.
* Oil inched up on Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya's largest oil field.
MARKET NEWS
* Asian stocks edged higher on Wednesday to extend a global rally spurred by gains for tech shares on Wall Street and miners in Europe, while the dollar was buoyant against the euro and yen ahead of a meeting of central bankers later in the week.
RELATED
Argentine biodiesel industry says U.S. duties will halt exports
U.S. finds Argentine, Indonesian biodiesel subsidized -U.S. industry group
U.S. wheat futures sag as Russian harvest estimate rises
Germany's wheat crop seen reduced by rain - farm lobby
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.
