Bleak outlook for palm oil | Bangkok Post: business

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Bleak outlook for palm oil

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Thai oil palm and palm oil exports are in trouble, as shipments of local products are less competitive because of high prices as a result of the government's price-intervention scheme. 

Global demand also remains weak as the world's economy has yet to fully recover, while production from Indonesia and Malaysia are now in a surplus, said Wiwan Boonyaprateeprat, secretary-general of the Thai Oil Palm and Palm Oil Association.

The world's crude palm oil price is now quoted at 22-23 baht per kilogramme. The figures were two baht lower than the rate the Public Warehouse Organisation (PWO) bought late last year to shore up the prices of palm nuts.

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