22/08/2012 (The Star) - Crude palm oil (CPO) futures for third month delivery rose to a high of RM3,056 on Wednesday, tracking gains in soybean oil, the highest since July 17.

Reuters said the market was playing a catch-up game here after soybean oil gained so much.

The most active US soyoil contract for December delivery hit a high of 56.3 US cents per pound on Tuesday, its highest level since April 30, said the wire report.

The US Department of Agriculture rated soybeans at good to excellent condition just one percentage point higher this week from a week ago, sustaining fears of a poor crop and a tighter supply of soybean oil.