Markets

Malaysian palm oil/Vegoils: Market factors to watch Thursday July 27 – Business News

Malaysian palm oil futures recovered from early session losses to hit a two-month high on Wednesday evening as it tracked gains in rival oilseed soy on the Chicago Board of Trade (CBOT).

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday July 27.

FUNDAMENTALS
* Malaysian palm oil futures recovered from early session losses to hit a two-month high on Wednesday evening as it tracked gains in rival oilseed soy on the Chicago Board of Trade (CBOT).
* U.S. wheat futures firmed on Wednesday, with MGEX spring wheat contracts posting the biggest gains as results from a crop tour confirmed that drought in the northern Plains severely crimped
harvest potential in that key growing region.
* Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures above $50 a barrel, as a much steeper than expected decline in U.S. inventories encouraged hopes the global crude glut would recede.

MARKET NEWS
* The dollar touched its lowest in more than a year and U.S. Treasury prices rose on Wednesday after the Federal Reserve left interest rates unchanged and signaled it could begin to cut its massive bond portfolio in the coming months.

RELATED
 European vegoils-Palm oil eases on ringgit, rising output outlook
 Romania urges EU to end “double standards” in food labelling
 COLUMN-Above-trend U.S. soybean crop still in the cards –Braun
 Noble shrinks, sells part of business to Mercuria as it faces huge quarterly loss
 Indonesia closer to mining deal with Freeport, but hurdles remain

DATA/EVENTS
 Cargo surveyor ITS releases Malaysia’s July 1-15 palm oil export data on July 31.
 Cargo surveyor SGS releases Malaysia’s July 1-15 palm oil export data on July 31.
– Reuters

Leave a Reply

Your email address will not be published. Required fields are marked *

12 + ten =