Palm oil gains to record on demand for food, fuel

Palm oil prices in Malaysia, the global benchmark, rose to a record today [26 Dec 2007] as global demand for vegetable oils for food and alternative fuel outstrips supply. Palm oil for March delivery rose as much as 57 ringgit, or 1.9%, to 3,087 ringgit ($924) a ton on the Malaysia Derivatives Exchange. Indonesia and Malaysia produce 90% of the world's palm oil, the main substitute for soybean oil.

Soybeans and soybean oil in China, the biggest consumer of the commodity, also soared to records today as traders speculated demand may outpace supplies from government stockpile sales and imports. Soybeans in Chicago reached a 34-year peak and soybean oil the highest for at least 33 years on Dec. 24.

Agricultural products have been among the best-performing commodities this year. Palm oil has gained 56%, soybeans 75% and soybean oil 62%.

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