PETALING JAYA: UOB Kay Hian (UOBKH) Research is keeping its upbeat outlook on the plantation sector, fuelled by expectations that crude palm oil (CPO) prices will trend higher from the fourth quarter of 2023. UOBKH Research said Mielke’s CPO price forecast was in line with its prediction. It said the current uncertain weather pattern in South Africa may also affect soybean production, thereby possibly boosting prices for the crop. According to Oil World, biodiesel production for 2023 is expected to grow by at least 8.2% year-on-year to 56.5 million tonnes. It said the European Union is projected to be the largest biodiesel producer at 15.1 million tonnes this year, followed by the United States at 12.8 million tonnes, noting that these biodiesel productions have doubled in the past 10 years.

Source: The Star September 14, 2023 22:19 UTC