Malaysian palm oil price nears two-week peak on slower production, soyoil gains

Crude palm oil being unloaded from tankers

KUALA LUMPUR: Malaysian palm oil futures hit a near two-week high on Wednesday, marking a second straight day of gains amid an uncertain production outlook and forecasts for a soyoil rally.

However, industry players are uncertain about how much production will pick up this month as palm oil trees still face the brunt of a crop-damaging El Nino, which reduces yields of fresh fruit bunches.