Malaysian palm oil/Vegoils: Market factors to watch Monday Oct 8

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Malaysian palm oil futures closed lower on Friday, as rising production dented sentiment and ended three sessions of gains.

: The following factors are likely to influence Malaysian palm oil futures and other vegetable on Monday Oct 8.

FUNDAMENTALS

* Malaysian palm oil futures closed lower on Friday, as rising production dented sentiment and ended three sessions of gains.



* U.S. soybean futures rose for the first time in three sessions on Friday as a rainy Midwest forecast fueled worries about harvest delays and potential damage to some crops.

* Oil prices fell on Monday after a U.S. government official said Washington was considering granting waivers to its sanctions against Iran’s crude exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

MARKET NEWS

* Major world stock markets sank for a second straight day on Friday after strong U.S. jobs numbers signaled a continued tightening of the labor market and increased pressures, while Treasury yields rose again to multi-year highs.

RELATED

palm oil stocks seen edging down from 7-mth high

Brazil soy forward sales way ahead of last year – consultancy

Italy’s Salvini says will not accept EU agriculture cuts



Wet start seen for South Africa summer rainfall areas

DATA/EVENTS

Cargo surveyor AmSpec releases Malaysia’s Oct 1-10 palm oil export data on Oct 10.

Cargo surveyor SGS releases Malaysia’s Oct 1-10 palm oil export data on Oct 10. – Reuters

Source:The Star





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