Palm oil climbed to the highest level since September 2012 on concern that a prolonged dry spell in Malaysia and Indonesia, the biggest growers, may reduce supplies of the world’s most-used cooking oil.
Gold traded below a four-month high in New York as investors weighed the crisis in Ukraine and the outlook for the U.S. economy before employment data due tomorrow. Palladium was near the highest price since April.
Palm oil stockpiles in Malaysia, the world’s biggest grower after Indonesia, probably tumbled last month to the lowest level since September as production declined to a one-year low, a Bloomberg survey showed. Futures climbed to the highest level since 2012.
Palm oil advanced to a 17-month high on speculation that stockpiles in Malaysia, the world’s biggest supplier after Indonesia, probably tumbled last month to the lowest level since September as production declined.
Corn extended a drop from a six- month high on speculation global supplies were ample and exports from Ukraine, set to be the third-biggest shipper, will be unaffected by Russia’s military intervention in Crimea.
Wheat imports by Indonesia may jump to more than 10 million tons a year in five years as rising incomes spur demand for noodles, cakes and cookies in Southeast Asia’s largest economy, according to Rabobank International.
Sugar shipments from India, the world’s second-largest producer, are poised to climb as the biggest monthly gain in prices since 2011 and a state subsidy help mills compete with supplies from Brazil and Thailand.