Palm oil prices soar to 28-month high of $1,175 per ton

In Indonesia, palm oil prices are shooting through the roof—hitting 28-month peaks of $1,175 per ton, up 45% over a year ago—which will have a severe impact on palm oil biodiesel production, putting the feedstocks’ competitiveness into question. Heavy rains in Malaysia and Indonesia have caused the rally and prices are expected to go even higher going into 2011.

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