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Thursday, 31 May, 2018

Malaysian palm oil/Vegoils: Market factors to watch Thursday May 31

Malaysian palm oil futures closed higher on Wednesday, rebounding from their weakest levels in over three weeks, as they tracked related oil prices in the Chinese market.

Malaysian palm oil futures closed higher on Wednesday, rebounding from their weakest levels in over three weeks, as they tracked related oil prices in the Chinese market.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 31.

FUNDAMENTALS

* Malaysian palm oil futures closed higher on Wednesday, rebounding from their weakest levels in over three weeks, as they tracked related oil prices in the Chinese market.

* U.S. wheat futures fell about 2 percent on Wednesday on a mix of profit-taking following 10-month highs established a day earlier and improving weather forecasts for U.S. and Canadian spring wheat regions, analysts said.

* Oil prices dropped on Thursday, weighed down by a surprise rise in U.S. crude inventories and by expectations that OPEC and other producers could increase output at a meeting in June.

MARKET NEWS

 Brazil commodities exports still lag as truckers protest unwinds

 ISO raises forecast for 2017/18 global sugar surplus

 China's slow approvals of biotech crops cost U.S. $7 bln, says industry group

 How Kinder Morgan won a billion-dollar bailout on Canada pipeline

DATA/EVENTS

 Cargo surveyor AmSpec releases Malaysia's May 1-31 palm oil export data on May 31.

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

Source : The Star

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