Leading palm oil players in Indonesia see production growth being hit in the sho...
KUALA LUMPUR/JAKARTA - Leading palm oil players in Indonesia see production growth being hit in the short to medium term, as the world’s top grower of the edible oil faces drought across major planting regions that is expected to delay fruit ripening and lower output.
Four of the seven local planters that Reuters spoke to said they expect third-quarter production to chart flat-to-slower growth compared to the previous quarter, as they are already seeing a delay in fruit ripening. But the other three said this effect would only be seen within the first half of next year.
The El Nino, a warming of the Eastern Pacific Ocean waters, brings dry weather across Southeast Asia and lowers palm yields in Indonesia and Malaysia. After the 2015 El Nino, Southeast Asian production fell the following year while prices rose over 3,000 ringgit. Indonesian crude palm oil prices have also gained nearly 10% since the start of July, and was last at $500 a tonne on Monday.
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