Vegetable Oil Prices Rally on Bullish Data and Rise in Crude

World vegetable oil prices rallied on Tuesday, driven by gains in crude oil and bullish fundamental data. For palm oil, cargo surveyor data indicating shipments for the first 15 days of June rose about 80 percent from the same period in May sparked buying. It seems doubtful the relative pace of exports will remain at the current level for the balance of the month. However, The Jacobsen does believe restocking in India and China will lift shipments by about 25 percent from the relatively low total posted in May. If exports follow the typical seasonal pattern following June, the increase in June would be enough to substantially reduce the outlook for market-year-ending inventories and could support prices. It is too soon to say with any certainty whether the fundamentals will remain bullish, but with each day of large shipments, the supportive…