The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 108 ringgit, or 3.14%, to 3,543 ringgit ($872.88) a tonne during early trade.
Since the price of both soy and corn are higher, the price signals are really to plant more of both, and that's what we expect to see - expansion of both into 2021.
US growers can declare prevented plantings, usually due to weather conditions, as part of crop subsidy programmes.
U.S. President-elect Joe Biden plans to nominate former Iowa Governor Tom Vilsack for agriculture secretary, Axios reported on Tuesday, citing people familiar with the matter.