Palm Oil Outlook Seen Bearish by Mistry on Oilseed Supplies
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Palm oil probably will drop this year after Asian producers boosted acreage and global oilseed supplies rose, said Dorab Mistry, a Godrej International Ltd. director who’s traded the commodity for more than 30 years. Prices fell, erasing this year’s gain.
The expansion of palm estates will increase output, while bad weather that disrupted soybean supplies in 2012 will prompt farmers to ramp up harvests this year, said Mistry, who is scheduled to speak next week at an annual palm conference in Kuala Lumpur arranged by Bursa Malaysia Bhd. Malaysia is the world’s largest supplier after Indonesia.