Palm oil may consolidate, rise

A persistent drought in the US Midwest that has damaged soyabean crops, leading to a smaller supply of soyabean oil, could mean higher demand for palm oil. Malaysia's palm oil exports rose in June from a month ago, according to cargo surveyor data. Higher exports, together with weaker production growth, could pile further pressure on Malaysia's stocks, which fell to a 13-month low in May. Industry regulator Malaysian Palm Oil Board will issue official data on stocks and output for June on Tuesday.