On Wednesday, Malaysian palm oil futures hit a new high, aided by supply concerns in the wake of the increasing Russia-Ukraine crisis and dry weather in South America.

By the midday break, the benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange had risen 129 ringgit, or 2.21 percent, to 5,969 ringgit ($1,426.63) a tonne, extending gains for the fifth straight day.

As traders assess the impact of dry weather on South American soybean production, the most active Chicago soy oil contract extended a 3.6 percent overnight leap to new highs.

In China, the most active soy oil contract in Dalian increased by 0.5 percent. Its palm oil contract increased by 4.2 percent, reaching new highs not seen since July 2008.

According to Reuters technical expert Wang Tao, palm oil might rise to 5,986 ringgit per tonne because of a wave.