Malaysia: Palm oil rises for the fifth straight session on weather concerns

Malaysian palm oil futures advanced for a fifth consecutive session on Monday amid concerns over dry weather taking a toll on global production of palm and soybeans. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.4%, to 3,758 ringgit ($817.91) per metric ton, its highest since May 9. The market seems to be steady with expectations of some yield losses in Malaysia due to hot and dry weather, said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co. But Indonesia has been putting pressure on the market by selling cheaper palm olein as production has increased, and it is now looking to capture more market share, he added. Signs of worsening drought in the U.S. Midwest have also heightened concerns over soybean crops, pushing Chicago soybean futures to hit their highest in nearly six weeks on Friday. The soyoil market on the Chicago Board of Trade BOcv1 was closed on Monday for a ...