Malaysian Palm Oil/Vegoils: Market Factors to Watch Friday March 29

MALAYSIAN PALM OIL/VEGOILS: MARKET FACTORS TO WATCH FRIDAY MARCH 29

Malaysian palm oil futures slipped to a more than one-week low at one point on Thursday as high inventory levels continued to weigh on the market.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Friday March 29.

FUNDAMENTALS​

* Malaysian palm oil futures slipped to a more than one-week low at one point on Thursday as high inventory levels continued to weigh on the market.

* U.S. soybean futures held steady on Friday, lingering near a three-month low hit earlier this week, as the market worried about the progress in trade talks between Washington and Beijing, pushing the oilseed towards its biggest monthly fall in seven months.

* Oil futures were near flat on Thursday after recovering from the day’s worst losses that came when U.S. President Donald Trump called for OPEC to boost crude output in an effort to lower prices that were headed for their best quarterly gains in a decade.

MARKET NEWS​

* Benchmark U.S. and European bond yields moved higher on Thursday after prolonged slides, while gains on Wall Street countered declines in other world stock markets as investors eyed U.S.-China trade talks and economic growth.

RELATED

 OPEC struggles to keep Russia on board with oil cut, may offer shorter extension

 U.S. orders foreign firms to further cut down on oil trades with Venezuela

 Trump calls for OPEC to boost oil production, says price too high

 China buys more U.S. soybeans as trade talks kick off – traders

 Canada takes tougher line with China on canola ban, demands evidence

DATA/EVENTS​

Cargo surveyor AmSpec releases Malaysia’s Mar 1-31 palm oil export data on Mar 31.

Cargo surveyor SGS releases Malaysia’s Mar 1-31 palm oil export data on Mar 31.

Cargo surveyor ITS releases Malaysia’s Mar 1-31 palm oil export data on Mar 31. – Reuters

Source : The Star

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