FGV sees palm oil range at between $491.8 and $614.7 per ton

In Malaysia, Reuters reports that FGV sees crude palm oil prices rising to a range of between $491.8 and $614.7 per metric ton thanks to increased demand from domestic biodiesel blending and growing exports mixed with smaller production for the year. FGV, the largest palm oil producer in the country, is having to shift its production due limited feedstock supply, forcing it to shut down six mills through 2012 in order to maximize throughout at those whose doors remain open.