Malaysia’s Palm Oil Output to Drop, Industry Group Says
March 21, 2010
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Palm oil output in Malaysia, the world’s second-largest producer, may drop between 2 percent and 3 percent this year as the El Nino weather phenomenon cuts output even as acreage rises, an industry group said.
“Production can be affected by El Nino, but there are other factors that could offset the drop, like larger areas coming into maturity,” said Boon Weng Siew, president of the Malaysian Estate Owners Association.
Lower output of the world’s most-consumed edible oil may help to extend a rally in prices, which surged 57 percent last year as the global economy moved out of recession. Malaysia produced 17.6 million metric tons in 2009.
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