21/02/2012 (Jakarta Post) - Palm oil advanced to the highest level in more than eight months as soybeans climbed last week after China, the largest importer, purchased a record amount of the oilseed from the United States.

The May-delivery contract rose as much as 1.1 percent to 3,276 ringgit ($1,084) per metric ton on the Malaysia Derivatives Exchange, the highest level for a most-active contract since June 15.

It was at 3,260 ringgit at the close of the morning session in Kuala Lumpur. Futures jumped 3.6 percent last week, the best weekly gain since the five days ended Dec. 23.

Exporters sold 2.923 million tons of soybeans to China, the biggest one-day deal on record, the US Department of Agriculture said on Friday.

China committed to buy a total of 13.4 million tons of the oilseed, according to the US Soybean Export Council. The contracts signed with US companies last week coincided with Chinese Vice President Xi Jinping’s visit to Des Moines and Los Angeles.

“The deal struck by China’s leader Xi Jinping is supportive for the oilseds markets,” said Ker Chung Yang, an analyst at Phillip Futures.

Soybeans for delivery in May reached $12.795 per bushel on the Chicago Board of Trade on Friday, the highest level for a most-active contract since Sept. 23. Soybean oil advanced 0.7 percent to settle at 53.80 cents a pound.

Markets in the United States are closed on Monday for the Presidents’ Day public holiday.