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Bloomberg
Palm oil production in Indonesia will probably climb to a record this year as wet weather boosts yields in the world’s top grower.
Output will increase 10 percent in 2018, Togar Sitanggang, secretary-general of the Indonesian Palm Oil Association, said, without providing a more specific forecast. Production climbed about 18 percent in 2017 to a record 38.2 million metric tons, he said. Total production, including palm kernel oil, rose to 42 million tons from 35.6 million tons in 2016, Sitanggang said.
Palm oil, used in everything from chocolate to shampoo, slumped 19 percent in 2017 as inventories increased and India raised import duties, curbing purchases by the world’s biggest buyer. Futures are little changed this year as concerns about elevated stockpiles and weak demand remain.
Global palm oil production is set to reach a record in 2018.