Analysts see palm oil prices rising more than 17% this year

In Malaysia, Reuters reports that a poll of 18 analysts shows palm oil prices could increase more than 17% this year to more than $650 per metric ton partly as a result of increased biodiesel blending mandates in Malaysia and Indonesia, the two largest producers globally. Production is also expected to fall during the first half of the year, helping to support prices further. Exports are expected to remain steady despite the fall in production but won’t be enough to top up stocks.