Malaysian palm oil/Vegoils: Market factors to watch Monday Aug 28

Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.9 percent to 3,098 ringgit ($699) a tonne at the end of the trading day. Earlier in the session, they hit a low of 3,051 ringgit, their lowest since Dec. 1

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Aug 28.

FUNDAMENTALS
* Malaysian palm oil futures fell 1 percent on Friday evening, snapping six straight sessions of gains on cargo surveyor data that showed weak exports and as investors booked profits.

* Chicago Board of Trade corn futures fell to contract lows on Friday, pressured by technical selling and abundant global grain supplies ahead of another bumper U.S. harvest, traders and analysts said.
* U.S. gasoline prices soared more than 6 percent to the highest level in more than two years and margins jumped 16 percent when markets opened on Sunday as Tropical Storm Harvey caused widespread flooding in Houston and shut down refineries.

MARKET NEWS
* The euro surged to its highest level since January 2015 against the dollar early on Monday, after European Central Bank President Mario Draghi failed to talk down the single currency's strength as had been expected.

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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