The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Tuesday May 10.
FUNDAMENTALS
FUNDAMENTALS
* Malaysian benchmark palm oil futures rose on Monday, supported by improved demand and forecasts that stockpiles will drop on falling production ahead of a data release from the Malaysian Palm Oil Board (MPOB).
* U.S. corn futures fell about 2 percent on Monday to the lowest level since mid-April, pressured by broad weakness in commodities and positioning a day ahead of a monthly U.S. Department of Agriculture report, analysts said.
* Oil prices tumbled on Monday on expectations that U.S. crude inventories would again build to record highs, taking the market's focus off swooning Canadian oil output due to raging wildfires.
MARKET NEWS
* The yen tumbled against the U.S. dollar on Monday as Japan signaled it was ready to intervene in the currency market, while a sharp drop in oil prices undercut equities.
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