Malaysian palm oil/Vegoils: Market factors to watch Wednesday May 23

Malaysian palm oil futures climbed to a six-week high in evening trade on Tuesday, charting a third session of gains in four, tracking overnight strength in U.S. soyoil and crude oil prices.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday May 23.

FUNDAMENTALS

* Malaysian palm oil futures climbed to a six-week high in evening trade on Tuesday, charting a third session of gains in four, tracking overnight strength in U.S. soyoil and crude oil prices.

* U.S. wheat futures surged nearly 3 percent on Tuesday on technical buying and crop production concerns due to dry weather in the U.S. Plains wheat belt and other major production areas around the globe.