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Malaysian palm oil/Vegoils: Market factors to watch Tuesday Aug 1 – Business News

Malaysian palm oil futures hit a near four-month high in early trade on Monday, tracking overnight gains in soyoil on the Chicago Board of Trade and on forecasts of lower-than-expected output increases and end-stocks

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday August 1.

FUNDAMENTALS
* Malaysian palm oil futures hit a near four-month high in early trade on Monday, tracking overnight gains in soyoil on the Chicago Board of Trade and on forecasts of lower-than-expected output increases and end-stocks.
* U.S. corn and soybean futures weakened on Monday on forecasts for beneficial weather for crop development, traders said.
* Oil prices rose to two-month highs on Monday, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela’s oil sector and as supply concerns have waned in recent weeks.

MARKET NEWS
* Retreating U.S. technology shares and soft European markets capped world equity gains on Monday, while the U.S. dollar fell to its lowest level in over a year against a basket of major currencies.

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 U.S. biodiesel output rises to 136 million gallons in May -EIA
 POLL-U.S. corn, soy, spring wheat ratings seen unchanged in week
 More sun needed for Ivory Coast cocoa main crop

DATA/EVENTS
 Cargo surveyor ITS releases Malaysia’s July 1-31 palm oil export data on August 10.
 Cargo surveyor SGS releases Malaysia’s July 1-31 palm oil export data on August 10.
– Reuters

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