19/02/2008 (Commodity Online, India), Mumbai - Palm oil futures in Malaysia soared to a record amid speculation demand for the vegetable oil may increase after severe snowstorms damaged China's rapeseed crop.

Vegetable oils traded in China rose to records. China, the world's biggest buyer of oilseeds and vegetable oils, boosted soybean imports 42 percent in December, the customs office said Feb. 15. Almost half the rapeseed crop was affected by
snowstorms, the China National Grain & Oils Information Center said Feb. 14.

Rapeseed, like soybeans, is used to make animal feed and cooking oils.

Corn and soybeans may rise, topping records set earlier this month, on speculation U.S. farmers may not plant enough this summer to satisfy increasing demand for food, animal feed and crop-based fuel.

Seventeen of 20 traders, farm advisers and grain merchants surveyed Feb. 15 recommended buying corn and soybeans. Corn,
up 1.3 percent last week to $5.1475 a bushel in Chicago, reached a record $5.2875 on Feb. 6. Soybeans jumped 3.9 percent last weekto $13.9125 a bushel, touching a record $14.045 on Feb. 15.

The U.S. Department of Agriculture will disclose planting estimates at a conference in Washington that starts Feb. 21.

Last week's gains in corn and soybeans were expected by most respondents surveyed Feb. 8. Since 2004, the corn surveys have been right 58 percent of the time; soybeans, 61 percent.