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Malaysian palm oil/Vegoils: Market factors to watch Wednesday Sept 13 – Business News

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Sept 13..

FUNDAMENTALS
* Malaysian palm oil futures rebounded on Tuesday after initial profit taking to record a second straight session of gains, as the market anticipated positive data from the United States Department of Agriculture (USDA).

* Chicago corn futures fell 1.7 percent on Tuesday, the biggest drop for a most-active contract Cv1 in nearly a month, after the U.S. Department of Agriculture raised its 2017 corn yield forecast, bucking most trade expectations for a reduction.

* Oil prices rose on Tuesday after OPEC forecast higher demand in 2018 and Russia and Venezuela confirmed their commitment to a production-cutting deal to reduce the global crude glut.

MARKET NEWS
* Stocks on Wall Street and a gauge of global equity markets set new closing highs on Tuesday after the feared impact of Hurricane Irma waned and the easing of tensions with North Korea boosted risk appetite and drove a sell-off in global bond markets.

RELATED

 Under EU attack, top palm oil producers rethink trade strategy
 USDA raises corn, soy harvest outlooks, surprising markets
 OPEC sees higher oil demand, signs of tighter market
 Brazil center-south cane crush, sugar output smaller than expected
 Bunge to buy 70 pct stake in IOI Corp unit for $946 mln

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

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