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SINGAPORE: Palm oil may retreat into a range of 4,331 ringgit to 4,393 ringgit per tonne, to fill a gap forming on May 12.

WITH many countries grappling with the worsening pandemic as the number of Covid-19 cases continues to climb across the globe, a commodity boom has emerged amid the chaos.

KUALA LUMPUR, May 17 (Reuters) - Malaysian palm oil futures fell 1% on Monday, retreating from last session's record high, as trade resumed after a long holiday weekend and concerns over dwindling global edible oil supply eased.

PARIS, May 17 (Reuters) - European Union soybean imports in the 2020/21 season that started last July had reached 13.17 million tonnes by May 16, data published by the European Commission showed on Monday.

Nearby soybean future prices have reached their highest levels since 2012, climbing to $16.61 on May 12 from $8.49 a year earlier. China’s recovering hog herd has led to incredible export demand. A surge in corn exports as Brazil has had weather issues has helped strengthen meal demand, and the growth in renewable diesel has supported soybean oil prices.

The potential approval of a draft bill to set a new biofuels law with new blending mandates is likely to increase the volume of soyoil available for export from the country, Victor Castro, director at Argentine biodiesel producers' lobby Carbio, has told Agricensus.

DEMAND for palm oil is expected to dwindle from May onwards as major buyer India grapples to contain the spread of Covid-19 which could impact domestic consumption.

KUALA LUMPUR, May 17 (Reuters) - Malaysia has kept its May export tax for crude palm oil at 8% but raised the reference price, a circular on the Malaysian Palm Oil Board website showed on Monday.

Packaged goods companies are considering raising prices of products because of a surge in the price of palm oil, a key input for goods ranging from snacks to soaps.

KUALA LUMPUR, May 17 (Reuters) - Malaysian palm oil futures fell nearly 1.5% on Monday as trade resumed after a long holiday weekend, with easing concerns over dwindling global edible oil supply weighing on the market.

Crude palm oil futures edged higher to settle at a near-record high of Rs 1,249 per 10 kg after touching a fresh lifetime high of Rs 1,253.40 on Friday during intraday. There were no global cues as Bursa Malaysia Bhd (BMD) was closed for the long weekend.

FIRST Resources on Monday reported net profit of US$8.8 million for the first quarter ended March 31, down 60.5 per cent from US$22.2 million the year before.