Palm Oil Gains to 33-Month High as Dry Weather Cuts Soy Outlook
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Palm oil climbed to a 33-month high on concern that a prolonged drought in regions of South America may reduce output of soybeans, boosting the demand outlook for vegetable oils made from other plants.
March-delivery palm oil on the Malaysia Derivatives Exchange gained for a seventh day to close at 3,778 ringgit ($1,221) a metric ton, the highest level since March 2008. Soybeans advanced to a 28-month high.