Malaysian palm oil futures jumped more than 1% on Wednesday as traders bet upcoming export data would overshoot forecasts. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was up 1.2% at 2,047 ringgit ($491) per tonne at the close. Cargo surveyors and an independent inspection company had over Saturday and Monday reported more than 15% falls in exports for the June 1-15 period.
"The export rumour for June 1-20 period shows better numbers than in the earlier period," a futures trader based in Kuala Lumpur said.
Malaysia's Southern Peninsular Palm Oil Millers Association reported a 26.4% drop in production on Monday which also helped boost prices.
In other related oils, the Chicago July soyabean oil contract was last up 0.5%.
The September soyaoil contract on the Dalian Commodity Exchange fell 1.2% and the Dalian September palm oil contract was also down 0.2%.
Palm oil prices are affected by movements in related edible oils, with which it competes for global market share.
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