Palm Oil Bulls to Roar Into 2022 on Labor Crunch, La Nina Deluge
- Prices may hit new record in first quarter on tight supplies
- Omicron, La Nina and fertilizer costs are on radar for 2022
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Palm oil bulls will likely hold sway into early 2022 as a chronic worker shortage in No. 2 grower Malaysia and heavier rains than usual in key growing areas disrupt production of the world’s most-consumed edible oil.
That could keep prices elevated after a record year in 2021 when benchmark futures rocketed to an all-time closing high of 5,071 ringgit ($1,213) a ton.