The FT has noticed that there's a link between oil and palm oil prices in a piece in today's edition.
In as much of the article that the paper is making free, they say:
The prospect of crude oil staying above $100 a barrel is pushing the price of palm oil to record highs as the commodity is increasingly made into biodiesel, an often cheaper alternative to petroleum-based fuels.
The benchmark March crude palm oil contract on the Bursa Malaysia derivatives exchange climbed as much as M$77, or 2.5 per cent, to a life-time high of M$3,159 ($956) per tonne before closing at M$3,136 on Thursday.
You'll need a subscription to read the rest, (and a bigger line of credit if you're going to start building a biodiesel plant in the next few months using palm oil.)