A surge in palm oil prices of 37.7% in Q4’20 as of Dec. 11 may dampen global demand after prices reached their highest in at least five years. A new export tax due to arrive in Malaysia, restrictions on supplies to the U.S. and post-lockdown demand improvements may be the reasons for higher prices. Global demand for palm oil has been stagnant over the long term, rising by just 0.3% in 2019 versus 2015. Indonesia accounted for 58.2% of the total and Malaysia 32.7% in 2019, making supplies very dependent on conditions in two countries. Indonesian exports declined by 19.2% in Septe...