Malaysian palm oil/Vegoils: Market factors to watch Friday Jan 26

Malaysian palm oil futures made their sharpest daily gains in a month on Thursday, tracking rises in soyoil on the Chicago Board of Trade and supported by a weaker ringgit, traders said

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday Jan 26.

FUNDAMENTALS

* Malaysian palm oil futures fell by more than 1 percent in evening trade on Thursday as a stronger ringgit helped to halt a three-session run of gains.

* U.S. soybean futures pulled back on Thursday after concerns about drought in rival exporter Argentina temporarily pushed prices above $10 a bushel for the first time in seven weeks.

* Oil retreated late on Thursday as the U.S. dollar rebounded from early losses and strengthened, denting support for the latest crude rally, but tight U.S. supplies limited the commodity's decline.

MARKET NEWS

* The U.S. dollar edged up on Thursday, reversing its recent decline, after U.S. President Donald Trump backed a strong dollar, and the S&P 500 gave back gains on the comments before eking out a record-high close.

RELATED

WTO rules EU must change duties on Indonesia biodiesel

EU 2017/18 soybean imports down 8 pct, palm oil up 3 pct by Jan 23

Argentina trims soy, corn-planting estimates

EU set to launch subsidy inquiry into Argentine biodiesel

DATA/EVENTS

Cargo surveyor ITS releases Malaysia's Jan 1-31 palm oil export data on Jan 31.

Cargo surveyor SGS releases Malaysia's Jan 1-31 palm oil export data on Jan 31.
- Reuters