Tighter soy oil supplies seen supporting Malaysian palm oil to $617/ton by midyear

In Malaysia, the New Straits Times reports that local investment banks believe palm oil prices could reach $617 per metric ton by midyear, up from current levels around $565 thanks to support from diminishing soybean oil supplies in both Argentina and the US. With soy oil prices up 8% so far this year, higher prices are supporting other vegetable oils including palm oil, and with demand ahead of Ramadan already pricing into the market, prices could increase further.