The following factors are likely to influence Malaysian palm oil futures and other vegetable oilmarkets on Tuesday May 16. FUNDAMENTALS * Malaysian palm oil futures climbed on Monday as market sentiment rose alongside higher exports figures ahead of festivities, and firm soyoil prices provided support. * U.S. wheat futures fell more than 2 percent on Monday on chart-based selling, abundant global supplies and seasonal pressure from the approach of harvest, analysts said. * Oil jumped 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed. MARKET NEWS * Asian stocks are set to rise in opening trade on Tuesday following overnight gains on Wall Street, while oil is set to extend a week-long rally after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018. RELATED Coal to be India's energy mainstay for next 30 years: policy paper Saudi Arabia, Russia push to extend oil output cut until March 2018 Canada to keep revenue cap on grain shipments by rail -sources Platinum to see first market surplus in six years in 2017-JM Renegade Ivory Coast soldiers reject government deal to end mutiny DATA/EVENTS Cargo surveyor ITS releases Malaysia’s May 1-20 palm oil export data on May 20. Cargo surveyor SGS releases Malaysia’s May 1-20 palm oil export data on May 20.

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