The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed at 2,066 ringgit ($493.43) per tonne, after its strongest daily gain in nearly two weeks.

It ended up for a second day in a row.

Palm had risen to 2,069 ringgit in earlier trade, its highest levels since May 21.

"Palm oil further rose on soyoil strength," said a Kuala Lumpur-based futures trader.

Palm oil prices are affected by movements in soyoil, with which it competes for global market share.

The Chicago July soybean oil contract was up 1.4pc on Tuesday in line for a second day of gain.

Above-normal rainfall is expected across most of the Midwest and Plains farm belt over the next 15 days, further delaying planting of corn and soybeans and potentially damaging the quality of the developing winter wheat crop, forecasters said.

In other related oils, the September soyoil contract on the Dalian Commodity Exchange was up 0.5pc and the Dalian September palm oil contract rose 0.3pc.