Palm oil futures prices continue to rise but capped by OPEC+ production decision

In Malaysia, Reuters reports palm oil prices continue to climb higher to $981 per metric ton, supported by a tight market and a weakening Malaysian ringgit. But with OPEC+ countries agreeing to increase oil production, prices didn’t go as high as they would have otherwise. With COVID-19 again surging around Southeast Asia, it’s difficult to find workers which is having a negative impact on production and supplies. Palm oil prices are also supported by rising soybean prices in the US due to hot, dry weather there that will likely impact yields.