Palm ends higher on Chicago soyoil gains

Malaysian palm oil futures closed higher for the third straight session on Monday, tracking gains in Chicago soyoil after the U.S. proposed higher biofuels blending volumes, and elevated crude oil prices. The benchmark palm oil contract FCPO1! for September delivery on the Bursa Malaysia Derivatives Exchange gained 171 ringgit, or 4.36%, to 4,093 ringgit ($965.79) a metric ton at the close. U.S. President Donald Trump’s administration on Friday proposed increasing the amount of biofuels that oil refiners must blend into the nation’s fuel mix over the next two years, driven by a surge in biomass-based diesel mandates. It pushed Chicago soyoil futures to their highest level in nearly 18 months on Monday, after rising more than 6% on Friday. Soyoil on the Chicago Board of Trade (CBOT) ZL1! gained 5.39%. Dalian’s most-active soyoil contract (DBYcv1) was up 2.45%, while its palm oil contract CPO1! rose 3.76%. Palm oil tracks the price movements of rival edible oils as it competes for a ...