KUALA Lumpur: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday May 24. FUNDAMENTALS* Malaysian palm oil futures declined in trade on Wednesday evening, tracking weakness in crude oil prices and as traders booked profit after the vegetable oil jumped to a six-week high in theprevious session. * U.S. soybean futures scaled to a 2-1/2-week high on Wednesday as signs of renewed Chinese demand for U.S. exports lifted prices for a fourth straight session. * Oil benchmarks fell on Wednesday after an unexpected build in U.S. crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela. Cargo surveyor SGS releases Malaysia's May 1-20 palm oil export data on May 25.

Source: The Star May 24, 2018 00:56 UTC