Palm oil prices skyrocket to 13-year high

In Malaysia, Singapore’s Today reports that palm oil prices have skyrocketed to 13-year highs at $1,007.30 per metric ton, further compounding challenges for the Malaysian and Indonesian governments who have bet heavily on palm oil biodiesel blending to lower FX and support local industries. Production has tightened due to weather challenges and the impacts of COVID-19 on the industry, which has been supporting prices. Export data shows that key importer India cut its palm oil imports in February by 27%.