KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Feb 17.
FUNDAMENTALS
* Malaysian palm oil futures lost ground on Tuesday, falling for a second session on slowing demand from top importers and the crude oil market facing headwinds.
* U.S. soybean futures climbed to a 1-1/2-week high on Tuesday while wheat and corn each gained about 1 percent, boosted by investor short-covering and a backlog of export loadings at Brazilian ports.
* Brent oil fell almost 4 percent on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them.
MARKET NEWS
* Global equity markets rallied on Tuesday as investors engaged in bargain hunting and shrugged off a downturn in oil prices after hopes for an agreement among top producers to freeze output faded.
RELATED
> FOB Gulf Grain-Soybean premiums mostly steady as CIF bids firm
> European feeds-Soymeal up with CBOT on technical buying
> European vegoils-Palm oil down on slowing exports
> U.S. Cash Soymeal-Rail, truck market flat; supplies tight
> U.S. Jan soybean crush drops below trade expectations - NOPA
DATA/EVENTS
> Cargo surveyor ITS releases Malaysia's Feb 1-20 palm oil export data on Feb 20.
> Cargo surveyor SGS releases Malaysia's Feb 1-20 palm oil export data on Feb 20.
Palm, soy and crude oil prices at 0009 GMT
- See more at: http://www.mpoc.org.my/Malaysian_palm_oil-s-Vegoils-;_Market_factors_to_watch_Wednesday_Feb_17.aspx#sthash.N4UbhmXI.dpuf