Malaysian palm oil/Vegoils: Market factors to watch Wednesday Feb 28


  • Palm Oil,Plantations,Commodities,Markets
  • Wednesday, 28 Feb 2018

Malaysian palm oil edged up on Friday evening for its first gain in four sessions on the back of falling production outlook, after earlier hitting its lowest level since August last year on rising global vegetable oil supplies and weak demand..

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

FUNDAMENTALS

* Malaysian palm oil futures rose to a more than six-week high on Tuesday before paring gains, but still ended higher for a third straight session supported by strength in rival edible oils.

* U.S. wheat prices 0#W: rose to roughly seven-month highs on Tuesday as low crop ratings and limited chances of rain in drought-hit parts of the Plains growing region kept attention on the risk of yield losses.    

* U.S. oil prices extended declines into a second day after industry data showed an increase in U.S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut.

MARKET NEWS

* Asian shares faltered on Wednesday and bonds were sold off as risk appetite soured after comments from new Federal Reserve Chair revived fears about faster rate rises in the United States.

RELATED

 White House pushes for more talks after 'no deal' on biofuels
 U.S. to overtake Russia as top oil producer by 2019 at latest -IEA
 USDA issues soy planting, export tips as China trade tensions mount
 Indonesia puts new shipping rules on hold as coal buyers wait
 At least 14 dead in Papua New Guinea quake; ExxonMobil shuts LNG plant

DATA/EVENTS
 Cargo surveyor ITS releases Malaysia's Feb 1-28 palm oil export data on Feb 28.
 Cargo surveyor SGS releases Malaysia's Feb 1-28 palm oil export data on Feb 28.
- Reuters


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