Malaysian palm oil/Vegoils: Market factors to watch Thursday Jan 17


  • Palm Oil
  • Thursday, 17 Jan 2019

Malaysian palm oil futures edged down on Wednesday, though remained range-bound, tracking weakness in soyoil overnight on the U.S. Chicago Board of Trade (CBOT) and crude oil prices.

Malaysian palm oil futures edged down on Wednesday, though remained range-bound, tracking weakness in soyoil overnight on the U.S. Chicago Board of Trade (CBOT) and crude oil prices.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday Jan 17.

FUNDAMENTALS

* Malaysian palm oil futures edged down on Wednesday, though remained range-bound, tracking weakness in soyoil overnight on the U.S. Chicago Board of Trade (CBOT) and crude oil prices.

* U.S. corn futures firmed on Wednesday in a bargain-buying and short-covering bounce as the market's steep drop to six-week lows in the previous session triggered renewed demand for the feed grain.

* Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production.

MARKET NEWS

* Asian shares crept higher on Thursday as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment's peace.

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DATA/EVENTS

 Cargo surveyor AmSpec releases Malaysia's Jan 1-20 palm oil export data on Jan 21.

 Cargo surveyor SGS releases Malaysia's Jan 1-20 palm oil export data on Jan 21

 Cargo surveyor ITS releases Malaysia's Jan 1-20 palm oil export data on Jan 21

 Industry regulator the Malaysian Palm Oil Board releases Malaysia's December palm oil data on Jan 21. - Reuters

Palm Oil , Markets , Plantations