7 March 2018 ISTA Mielke GmbH, OIL WORLD, Hamburg - 1

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1 7 March 218 ISTA Mielke GmbH, OIL WORLD, Hamburg - 1 Global Price Outlook for Palm & Lauric Oils and Impacts from the Severe Argentine Drought Losses Summary of key messages given by Thomas Mielke in his presentation at the Price Outlook Conference (POC) 218, organized by Bursa Malaysia Derivatives together with CME Group in Kuala Lumpur on 5-7 March 218 The current Argentine drought is considered to be one of the worst in the past 5 years and has resulted in substantial damage to oilseed and grain crops as well as to the cattle industry. The drought further intensified in February and cumulative rainfall since December has been at or below 4% of normal in many agricultural areas. Our current Argentine soybean crop estimate is 42 Mn T, down 13 Mn T from a year earlier and down 18 Mn T from three years ago. The area is at a 9-year low and there is risk of additional acreage abandonment. At the moment it is considered possible that actual production turns out at or even below 4 Mn T. Some upward revision in Brazil close to last year s record 114 Mn T is moderating the Argentine tightness. But production is also down sizably in Uruguay, Paraguay and Bolivia CBOT: Daily Indices of Soybean Complex 2 January 218 = 1 Soya Meal March 218 Soybeans March Soya Oil March Jan2 Jan16 Feb2 Feb13 Mar 5 Daily indices from 2 Jan 218 until 5 March 218 The world soybean balance has tightened. The South American production failure will create a global production deficit in the world crop season 217/18. Soybean stocks will decline by at least 2-3 Mn T contrary to earlier expectations of an increase. Soybean prices have appreciated noticeably and temporarily peaked at close to US-$ 1.7 per bushel in early March, up 11% within 9 weeks. Reduced South American supplies are raising the global dependence on US soybeans. It is considered likely that US soybean plantings this spring will be increased to a new high, but there is competition from cotton, spring wheat and, lately, more acreage competition also from corn. With the global dependence on US soybeans increasing for the remainder of 218, any weather and production problems in the US Midwest would have an extraordinary bullish impact on prices of soybeans and products, primarily from July onward. Vegetable oil prices hardly responded to the Argentine drought losses, mainly because world supplies of palm oil are sufficiently large to offset the global production losses in soya oil caused by the reduced South American soybean production. In fact, soya oil futures declined and in the first week of March were down 5% from early January. Palm oil prices moved generally sideways throughout most of the first 9 weeks of this year, while rapeseed oil and lauric oil prices declined. Another bearish factor for vegetable oils so far in 218 is to be seen in the drop in fossil fuel prices by 5% since January (expressed in US dollar terms). Soya meal prices are skyrocketing. They jumped by US-$ 1 or 3% on the world market since early January. The current and prospective shortfall in Argentine exports of soya meal can only partly be offset by the rest of the world. Higher prices will prevail until the required demand-

2 7 March 218 ISTA Mielke GmbH, OIL WORLD, Hamburg - 2 rationing is accomplished. The setback in soybean and soya meal prices this week is likely to be temporary. I consider it likely that soybean and meal prices will appreciate further in the next 2-4 weeks, setting new highs. The strong soya meal prices have boosted soybean crush margins. Soya oil has become the by-product and the soya oil share has fallen below 3%. PRICE OUTLOOK In the next 3-5 weeks I consider it likely that palm oil and soya oil prices will trade sideways or slightly higher. Soya oil is likely to widen the price premium over palm oil. Palm oil prices on the world market declined in the first week of March in response to the increase in Indian import duties with effect of March 2. There is going to be a global production deficit in palm oil which is likely to lead to a reduction of world palm oil stocks by Mn T from early Jan until end-march 218. The reduction of stocks should become price supportive for palm oil in the near term. Such a scenario is also supported by trade estimates about relatively weak palm oil production in Indonesia in early 218. In April/Sept 218 I expect some downward potential for palm oil prices. Crude palm oil, fob Indonesia, will probably fall to a low of around US-$ 6 but reach a price average of US-$ 63 for April/Sept 218 compared with US-$ 65 for the average of Jan/March 218. Soya oil (fob Argentina) is estimated at an average US-$ 75 for April/Sept 218, with a price low of an estimated US-$ 71. In Rotterdam I forecast prices of crude palm oil at an average US-$ 655, soya oil $ 845 and rapeseed oil $ 82 for April/Sept 218. The outlook for rapeseed oil is bearish. The biggest price decline is likely to occur in lauric oils. I consider it likely that the price lows will be reached sometime in the second half of this calendar year. In Rotterdam I expect a price low for palmkernel oil somewhere between US-$ 8 and 83 and for coconut oil a low around US-$ World palm oil production is likely to reach 7.8 Mn T in calendar year 218 compared with 67.9 Mn T in Jan/Dec 217 and the sharply reduced volume of 59.2 Mn T in 216. The current OIL WORLD forecast for Indonesia is 38.8 Mn T this year (vs last year) and for Malaysia 2.8 Mn T (vs. 19.9). At the beginning of January 218 world stocks of palm oil were up 2.2 Mn T from a year ago. At the beginning of 217, however, palm oil stocks were down steeply by 3.4 Mn T. Despite a slowdown of the production growth world palm oil supplies will still be ample this year according to our current forecasts. For April/Sept 218 we expect a global production surplus of about Mn T and a corresponding accumulation of stocks. World production of soya oil is set to rise only by 1.1 Mn T from a year earlier in Oct/Sept 217/18 (against an increase of 2.2 Mn T in 216/17). But the lower than expected production in soya oil is more than offset by the prospective increase in palm oil. Our price forecasts are based on the assumption that there will be no sizable appreciation of fossil fuel prices. In fact, for Brent and WTI we expect prices to trade generally sideways from now until September 218. I would not be surprised if there would be some moderate weakening in response to large US production. We will update our global supply, demand and price prospects for the individual oilseeds, oils & fats and oilmeals in the next OIL WORLD MONTHLY of March 16, 218. Thomas Mielke (We invite you to contact us at info@oilworld.de in case of questions or if you need any assistance from the OIL WORLD team.)

3 Global Supply, Demand and Price Outlook on Palm & Lauric Oils, Impacts from Arg. Drought Emphasis also be given on the Chinese Outlook Presentation at POC 218 in KL on 7 March 218 Thomas Mielke, ISTA Mielke, Oil World, Global Market Research on Oilseeds, Oils and Meals Feel free to contact me for assistance at <thomas.mielke@oilworld.de> Company Profil and Services ISTAMielke GmbH publisher of OIL WORLD -was founded in 1958 ISTA = International STatistical Agricultural Information Leading private authority for global research and market analyses for oilseeds, oils & fats and oilmeals Independent, not involved in trading, unbiased information Providing monthly and quarterly world supply and demand balances Daily, weekly and monthly reports on oilseeds, oils and oilmeals. Also a Chinese Report in Mandarin. We want to be your provider for global analyses and forecasts Take a free 3-week trial at Source: ISTA Mielke GmbH, Oil World 1

4 Indian Government: Higher import taxes Retaliation? Governments US Government: Trade policies - - > Escallating retaliatory actions? Supply Demand there somebody to pick me up tomorrow at the airport Price Drought in Argentina and in the US Weather Financial Markets & Funds Currency values Your Information Provider - - Independent, Unbiased, Authoritative - - Since 1958 March 5, 218 On March 1 Indian import taxes raised againto44% forcrude and54% forref. PO, plus 1% surcharge!! Will this help to reverse -thenegative trendin domestic production? -andthewidening supplygap? Veg oil Imports 17/18: Total 15.6 (vs 15.4) Palm oil 9.5 vs Soyaoil 3.5 vs Sunfloil 2.25 vs INDIA: Oilseed Crops and Imports of Oils (Mn T) 1/2 3/4 Imports of Oils Crops 7/8 11/12 15/16 5/6 9/1 13/14 17/18F Source: ISTA Mielke GmbH, Oil World 2

5 Prices ofpalmoilunder pressure in Dec, falling to US $ 618 (Dec22). Very strong demand has kept prices well above thoseof215. World PO exports49.4 Mn T (+5.5) in Jan/Dec 217. Price recoveredslightlyin Jan andfebr 218, which was notunexpected. Bearish immediate responseatthebmd on Indian duty hike The outlookon palmoil prices in 218 follow later Monthly Prices Crude Palm Oil, fob Indonesia (US-$/T) Monthly averages until February / / / Oct Nov Dec Jan Feb Mar Apr May Jun Jly Aug Sep 3,4 3,2 3 2,8 2,6 2,4 2,2 2 1,8 1,6 1,4 1,2 1 Yields of Soybeans, Rapeseed & Sunfl.seed in Key Countries in Tonnes per Ha Rapeseed Soybeans Sunfl.seed 94/95 97/98 /1 3/4 6/7 9/1 13/14 17/18F YieldIncreasesin thepast15 years: Soybeans +18% Rapeseed +26% Sunflowerseed +53% (a) Berechnet mit 3-Jahres-Durchschnitten. Source: ISTA Mielke GmbH, Oil World 3

6 Severe Drought in Argentina SoybeanField in Argentina on March 1 (Pergamino North B. Aires) ARGENTINA: Soybean Area and Output Production (Mn T) year low 1 Harvested Area (Mn ha) Source: ISTA Mielke GmbH, Oil World 4

7 ARGENTINA: Soybean Area ( Mn ha ), Yields (T/ha) & Production (Mn T) 218F Planted area 17.75* 19.1* 2.3* 19.9* * Lost area.75* 1.2* 1.5*.4* * Harvest area 17.* 17.9* 18.8* 19.5* * Yields (T/ha) 2.47* 3.5* 2.89* 3.8* 2.26* 1.91* Production * 54.6* 54.4* 6.* 39.8* 31.5* Precipitation Forecast March 7-13, 218 South America Source: ISTA Mielke GmbH, Oil World 5

8 Precipitation Forecast March 6-22, 218 South America SOUTH AMERICA : Soybean Production (Mn T) March 2 Dec 22 17/18F 17/18F 16/17 15/16 14/15 Brazil * 19.5* Argentina.. 42.* 53.5* 54.6* 54.4* 6.* Paraguay.. 9.4* 9.75* 1.5* 9.4* 8.4* Bolivia * 2.65* 2.7* 2.9* 2.65 Uruguay * 3.3* 3.4* 2.48* 3.4* Total * 178.7* Drop of15.7 Mn T Source: ISTA Mielke GmbH, Oil World 6

9 Global soybean outputin 217/18 turning out considerably below potential. SOYBEANS : World Supply and Demand ( Mn T ) 17/18F 16/17 15/16 14/15 Opening stocks Production * U.S.A China, P.R India * 1.5* 7.1* 8.5* Argentina * 54.6* 54.4* 6.* Brazil * Total supply 433.5* Total soybean consumption seen risingto341 Mn T in 17/18. Ending stocks to declineby2-3 Mn. Crush (Sept/Aug). 293.* Other use * Ending stocks 92.6* U.S.A. Aug * Argentina Aug * 3.68* 28.6* 3.96* Brazil Aug * 3.6* 19.96* 24.1* Stocks/usage 27.2% 28.7% 24.6% 27.9% In 217/18 therewill be a global soybean productiondeficit, causedbythesouth American crop losses. There are still weather and productioin risks. Atthemomentwe forecastthatstockswill bedown by2-3 Mn T as of end-aug 218. Swing factors to watch: 1) Farmer selling 2) The crush economics 3)Chinese buying (timing and size) So ybean s: W o rld Sto cks as o f end -A u gu st (Mn T ) F Source: ISTA Mielke GmbH, Oil World 7

10 Imports of Soybeans (Mn T) China Rest of world /97 98/99 /1 2/3 4/5 6/7 8/9 1/11 12/13 14/15 16/ /96 97/98 99/ 1/2 3/4 5/6 7/8 9/1 11/12 13/14 15/16 17/18 O c t o b e r / S e p t e m b e r China imports likely to be boosted to 96 Mn T in 217/18. Soybeanimportsofall countries otherthanchina jumpedfrom38.2 Mn T in 212/13 andmayreach55.2 Mn T thisseason. CHINA: Oilseed Output & Crushings Production (Mn T) Crushings (Mn T) 2 99/ 2/3 5/6 8/9 11/12 14/15 17/18F Oil/Fat Imports 17/18: Total 9.1 (vs 8.7) Palm oil 5.5 vs. 5. Soyaoil.5 vs..7 Sunfloil.8 vs..7 Rapeoil.8 vs CHINA: Imports of 17 Oils & Fats (Mn T) Soya oil Palm oil Others 2 2/3 4/5 6/7 8/9 1/11 12/13 14/15 16/17 1/2 3/4 5/6 7/8 9/1 11/12 13/14 15/16 17/18F Source: ISTA Mielke GmbH, Oil World 8

11 Feed usageup3% in 216/17 Soya meal consumption jumpedby11% in 216/17, benefitting from the steep reduction of importsofddgs Further sizeable increase in Chinese soya meal demandin 217/18, partly due to high prices ofcornin China & Growing Importance of Soya Meal (Mn T) 9 Total Oilmeals 8 Soya Meal CHINA: Total Oilmeal Consumption 99/ 2/3 5/6 8/9 11/12 14/15 17/18F O c t o b e r / S e p t e m b e r Daily Soya Meal Futures (Dalian vs. CBOT) spot position -- in US-$/T Dalian CBOT Ja17 Mar May Jly Sept Nov Ja18 Mar Daily futures from 3 Jan 217 until 5 March 218 Source: ISTA Mielke GmbH, Oil World 9

12 China increasing exports of soya meal in comingmonths. In Oct/Sept exports Mn T (vs1.1) Daily Soya Meal & Corn Futures Prices Dalian Exchange -- spot position Soya meal Corn Ja17 Mar May Jly Sept Nov Ja18 Mar Daily price ratios from 3 Jan 217 until 5 March 218 S. American soybean crop to plunge in early 218 (our current estimateisfora dropof16 Mn T) It could get worse. Arrival of needed rains not forecast Soybean Crop Trend Since 74/75 (Mn T) U.S.A. Uncertainties Increasing dependenceon newus soyacrop 4 2 Argentina, B razil & Paraguay 75/76 81/82 87/88 93/94 99/ 4/5 1/11 17/18F Source: ISTA Mielke GmbH, Oil World 1

13 World soybean production to drop by 9 Mn T in 217/18 Soybean production currently estimated to be2-3 Mn T below projected consumption in 217/18 Production of 9 other oilseeds +8 Mn T Sunfl.seed -1.6 Rapeseed +3.1 Cottonseed Oilseeds: World Production (Mn T) Soybeans Other 9 oilseeds / 1/2 3/4 5/6 7/8 9/1 11/12 13/14 15/16 17/18F Price Impacts of the Production Losses in Argentina CB OT: Daily Indices o f So ybean Comp lex 2 J an uary 218 = 1 Soya Meal March Soybeans M arch Soya Oil March Jan2 Jan16 Feb2 Feb13 Mar 5 Daily indices from 2 Jan 218 until 5 March 218 Source: ISTA Mielke GmbH, Oil World 11

14 CBOT: Daily Spot Futures Soybeans & Soya Meal (US-$/T) Soybeans 42 Soya meal Ja17FebMar Apr May Jun Jly Aug Sept Oct Nov Dec Ja18 Mar Daily prices from 3 Jan 217 until 5 March % Argentine Exports in Percent of World Exports in Jan/Dec % 48% 4 35% % 7% Soybeans Soya oil 8 Oils Soya meal 8 Meals Source: ISTA Mielke GmbH, Oil World 12

15 Weekly Prices of Soya Pellets, 47% Arg., fob (US-$/T) / / /18 216/17 25 Oct Nov Dec Jan Feb Mar Apr May Jun Jly Aug Sep Prices from 1 Oct 214 until 1 March 218 Strong demand increase for oilmeals from the livestock industry has boosted world productionofoilmeals by15% in 25 years Global dependence of soya meal increasing Declining supplies offishmealandof sunflowermealin 217/18 12 Oilmeals: World Production (Mn T) Soyameal Other 11 oilmeals 7 3/4 5/6 7/8 9/1 11/12 13/14 15/16 17/18F O c t o b e r / S e p t e m b e r Source: ISTA Mielke GmbH, Oil World 13

16 PRICE RESPONSES to Argentine Droughts 6% Soya meal, fob Arg % Soybeans, US, cif Rott. 5 Soya oil, Arg. fob 45 Palm oil, fob Mal % +3% % -1 Jan2 to June 3 Jan 3 to June 29 Jan 2 to March PRICE RESPONSES to Argentine Droughts 6% Soya meal, fob Arg % Soybeans, US, cif Rott. 5 Soya oil, Arg. f ob 45 Palm oil, fob Mal. 4 Mineral oil (Brent) 35 +3% 3 +27% % -2 Jan2 to June 3 Jan 3 to June 29 Jan 2 to March Source: ISTA Mielke GmbH, Oil World 14

17 Monthly Prices of Palm Oil & Crude Mineral Oil (US-$/T) Palm oil, crude, Rott. Crude mineral oil, Brent Premium palm oil vs crude oil Ja16 Mar May Jly Sep Nov Ja17 Mar May Jly Sep Nov Ja18 Monthly prices from Jan 216 until Febr BIODIESELand HVO: World Production ( Mn T ) J a n u a r y / D e c e m b e r EU * U.S.A Argentina * Brazil Colombia....53* Singapore.. 1.5* Indonesia * 3.18* Malaysia Thailand * 1.16* Oth. ctries * 2.95* 2.89* 2.94* 2.65* Total * Change in ( Mn T ) +1.6* Source: ISTA Mielke, Feb Source: ISTA Mielke GmbH, Oil World 15

18 The Outlook for Palm Oil Manychallenges: - Lack of replanting(age profile) - Labour shortage(malaysia) - Below potential yields -Acreagelimitations(slowdown in new plantings) The strong recovery in world palm oil production in 217 and 218 istemporary. From219 onward there will be smaller annual increases in palm oil production and supplies. 216: -6% = -3.7 Mn T 1998: -5% = -.8 MnT Palm Oil Production in Major Countries (Mn T) Malaysia EffectsofElNino Indonesia Rest of World Source: ISTA Mielke GmbH, Oil World 16

19 Monthly Prices Crude Palm Oil, fob Indonesia (US-$/T) Monthly averages until February / Supply& Demand of17 oils& fats: Currentvegoilsuppliesarelarge. World stocksup2 Mn fromlast year Production of vegetable oils and animalfatsincreasedby15.2 Mn T from a year agoin Jan/Dec The global situation changed from 217/18 deficitin 216 tosurplusin 217. Part ofthesurpluswas usedto replenish stocks /16 J a n / D e c 5 17 Oils/Fats: Production (+15.2) 25.9 Oct Nov Dec Jan Feb Mar Apr May Jun Jly Aug Sep Consumption 219. (+7.3) Surplus/Deficit +2.1 Mn T -5.8 Looking on Palm Oil alone: World palmoiloutputjumpedby8.6 Mn T fromlast yearin Jan/Dec217. Also the PO situation changed from deficitin 216 tosurplusin 217. But pricesdidnot collapsein 217. Part ofthesurpluswas neededto replenish depleted stocks. J a n / D e c Palm Oil (Mn T ) Production 67.8 (+8.6) 59.2 Consumption 65.4 (+2.6) 62.8 Surplus/Deficit +2.4 Mn T -3.6 Supply& Demand of17 oils& fats: Currentvegoilsuppliesarelarge. World stocksup2 Mn fromlast year Production of vegetable oils and animalfatsincreasedby15.2 Mn T from a year agoin Jan/Dec217. The global situation changed from deficitin 216 tosurplusin 217. Part ofthesurpluswas usedto replenish stocks. J a n / D e c 17 Oils/Fats: Production (+15.2) 25.9 Consumption 219. (+7.3) Surplus/Deficit +2.1 Mn T -5.8 Source: ISTA Mielke GmbH, Oil World 17

20 PALM OIL : World Production ( Mn T ) and Yields ( T/ha ) ) P r o d u c t i o n Y i e l d s 218F F Indonesia 38.8* 36.8* 32.4* 33.53* 3.87* 3.81* 3.54* 3.89* Malaysia 2.76* * 3.93* 3.51* 4.18* Thailand 2.45* 2.58* * 3.15* 2.34* 2.76* America 4.8* 4.71* * 3.26* Africa 2.65* 2.55* * 1.68* Oth ctrs. 1.38* 1.31* * 2.38* WORLD 7.84* 67.87* * 3.56* Bullish or bearish? +3. Mn T +8.6 Mn T My expectation is that world palm oil supplies will be comfortably large in Jan/Sep 218: J a n / Sept Palm Oil (Mn T ) Opening stocks Production World Supplies PALM OIL : World Production ( Mn T ) a P r o d u c t i o n 218F Indonesia 38.8* 36.8* 32.4* 33.53* Malaysia 2.76* Thailand 2.45* 2.58* America 4.8* 4.71* Africa 2.65* 2.55* Oth ctrs. 1.38* 1.31* WORLD 7.84* 67.87* Consumption +3.7 Palm oilstocks -1.6 Mn T in Jan/Mar 18 but +2.2 Mn T in Apr/Sept Mn T +8.6 Mn T Source: ISTA Mielke GmbH, Oil World 18

21 What is the Price Outlook? The growth in world production is slowing down. Whataretheeffectson stocksandprices? O c t / S e p t Production of 17/18 16/ oils& fats Of which: Palm oil Lauric oils Soya oil Rape/canola oil Sunflower oil Grd+cotton oils Other oils/fats OILS & FATS : World Supply & Demand ( Mn T ) Forecast O c t o b e r / S e p t e m b e r 17/18F 16/17 15/16 14/15 13/14 Op'g stocks Production * Change Imports * Exports * Consumption * Change End stocks * Stocks/usage % 12.5% 12.7% 15.7% 15.2% Source: ISTA Mielke GmbH, Oil World 19

22 RapidlyRisingWorld Demand ofoils& Fats Averagedemandgrowthin past 5 seasons: Total per year +6.5 Mn T Biofuel +1.7 Mn T Food/other +4.8 Mn T /9 17 Oils & Fats : World Consumption 92/93 biofuel 95/96 Total Usage in Mn T 98/99 1/2 food and other 4/5 7/8 1/11 13/14 16/17 Production deficit of soybeans in 217/18 cannotbeoffsetby otheroilseeds. Extentofthedeclinein South Americastill unclear. Oilseed stocks still sufficient but increaseddependenceon US soybeans in 218. World stocksofoils& fats have increased, but arenot burdensome Weforecasta recoveryofoils& fatsstocksby Mn T in 217/18 World Stocks in Percent of Annual Usage (%) oils & fats 1 oilseeds F At the end of the season Source: ISTA Mielke GmbH, Oil World 2

23 MALAYSIA: Crude Palm Oil Futures Close Third position in Malaysian Ringgit/T 22 Nov Dec Jan Feb Mar Apr May Jun Jly Aug Sep Oct Nov DecJa18 Feb Prices from 1 Nov 216 until 5 March 218 Prices ofpalmoilandsoyoillikelyto tradesidewaysorslightlyhigherin thenext3-5 weeks. But a newpriceweaknesslikelyto emerge from Apr 218 onward Average Apr/Sept 218: Crude palmoil(indon.) 63 (low 6) Soya oil(fob Arg.) 75 (low 71) Sunfl oil(fob Ukraine) 78 Crude palm oil(rott) 655 (low 625) Monthly Prices Crude Palm Oil, fob Indonesia (US-$/T) Monthly averages until February / / / Oct Nov Dec Jan Feb Mar Apr May Jun Jly Aug Sep Dutch soya oil 845 Dutch Rape oil 82 Source: ISTA Mielke GmbH, Oil World 21

24 Prices oflauric Oilsareseendecliningin 218 World Output ofthe2 Lauric Oils+.8 Mn T in 217/18 (against+.54 in 16/17) Palmkernel Oil : World Supply & Demand (Mn T) O c t o b e r / S e p t e m b e r 17/18F 16/17 15/16 14/15 Op'g stocks Production * Change Imports * Exports * Disappear.(a) 7.33* Change End. stocks * Coconut Oil : World Supply & Demand (Mn T) O c t o b e r / S e p t e m b e r 17/18F 16/17 15/16 14/15 Op'g stocks Production * Change Imports * Exports * Disappear.(a) 2.67* Change End. stocks...42* (a)residual of the balance. Sizeably risingstocksin > Narrowingofpricepremiumslikely Daily Prices of 3 Oils in Rotterdam (US-$/T) Coconut oil,phil/indo,cif Rott Palmkern oil, Mal./Indo., cif Rott. Palm oil crude, cif N.W. Eur Jly14 Sep NovJan15 Mar May Jly Sep Nov Ja16 Mar May Jly Sep Nov Ja'17 Mar May Jly Sep DecJa18 Mar Daily prices from July 214 until 5 March 218 Source: ISTA Mielke GmbH, Oil World 22

25 Price Outlook Average July/Dec 218: Palmkernel oil(rott) 9 (Price low83 or8) Coconut oil(rott) avg 1 (Price low95 or92) Monthly Prices of Palm & Lauric Oils (in US-$/T) Palm oil, crude cif Rott. Palmkernel oil, Mal/Indo., cif Rott. Coconut oil, Phil/Indo. cif Rott '13 '14 '15 '16 '17 '18 January 213 until February 218 Thank you for your attention! More marketinforequired? Just getin touchwithme: Thomas.Mielke@oilworld.de fon OIL WORLD marketinformationisavailabledaily, weekly and monthly Signupfora 3-week trialperiod Source: ISTA Mielke GmbH, Oil World 23