Palm Oil Consolidates, as Bean Oil Drives Edible Complex

Crude palm oil prices moved higher this week in tandem with the rise in bean oil, as demand for vegetable oils increase in the face of the El Nino event that reduce output. Wetter than normal weather in the U.S. in the farm belt has stoked concerns that unharvested soybean fields will be destroyed have buoyed the entire edible oil complex.  Last week the USDA increased its forecasted soybean yields to…