Edible Oil Prices to Rise on Supply Curbs, Mistry Says

Edible-oil prices may climb as growth in worldwide supply fails to keep pace with the rise in demand for a third year, with weather patterns hurting crops, according to Godrej International Ltd. Director Dorab Mistry.

Palm oil may gain to 3,300 ringgit ($1,072) per metric ton in the next few weeks and extend gains in 2011, according to remarks Mistry prepared for delivery at the DCE oilseed conference in Guangzhou, China today. The contract ended Nov. 4 at 3,191 ringgit. Soybean oil in Argentina, the largest exporter, may climb to $1,250 a ton by January, according to the remarks, raising Mistry’s forecast from $1,050.