KUALA LUMPUR (Bloomberg): Palm oil futures held gains to close near their highest level in almost three years, with a rally in soybean oil on speculation that higher taxes will hurt shipments from Argentina underpinning the market.
Chicago soy futures extended gains overnight after the US and China agreed to the first phase of a broader trade accord, and as Argentina, the world’s biggest seller of meal and oil made from soybeans, raised export taxes to fund spending under new president Alberto Fernandez.
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