Palm oil bulls will likely hold sway into early 2022 as a chronic worker shortage in No. 2 grower Malaysia and unusually heavy rains 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.
Although Malaysia is trying to expedite the arrival of much-needed foreign workers for its plantations, the spread of omicron may scupper those plans, constrain harvesting and keep supplies tight.
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