THE current rise in palm oil price is mainly influenced by the bullish soybean market, which in turn is driven by the shortage of supply following unfavourable weather conditions in the United States, said Malaysian Palm Oil Board (MPOB) director-general Datuk Dr Yusof Basiron.
We are just taking a ride with soybean oil; it has nothing to do with our palm oil supply. As long as soyoil price is high, our palm oil price will follow, he told reporters when asked whether the current uptrend in palm oil price could be sustained.