In the last week the price of a metric ton of palm oil went from $560 to $710, due to increased demand for the product to be used as biofuel and the fall in production in Asia.
The rise in biofuels and the fall in production of palm oil in Asia, the world's leading supplier, has benefited the price of oil derived from these plantations worldwide, rising from $560 to $710 in the last week of March. The reference data comes from the Rotterdam Stock Exchange, provided to Latribuna.hn by Hector Castro, leader of palm producers in Honduras.
The sustained growth of oil palm crops has caused demand for more industrialization plants, that will be financed with a loan of $100 million from the Malaysian government.
According to Hector Castro, president of the National Federation of Honduran Palm Producers (Fenapalma) a meeting was recently held with representatives of the Government and executives from Banco Hondureño para la Producción y Vivienda (Banhprovi), in order to promote and encourage the development of this industry.
African palm producers plan to increase by 10% the area under cultivation, mainly in the northern and Atlantic zone of the country.
The intention is to compete with the big Central American producers such as Ecuador and Colombia, who have about 400,000 and 600,000 hectares respectively.
In this regard, Hector Castro, president of the Fenapalmah (National Federation of Honduran Palm Producers), said "We have the conditions to grow by half a million hectares, which could mean being in first place as producers and exporters in Latin America."
The sector’s plans to expand the amount of cultivated area in the country, which could make Honduras the largest producer of palm oil in Latin America.
Hector Casto, president of palm manufacturers, said that they have the ability to increase production by half a million hectares which would locate Honduras in the first place of all the Latin America producers.
As part of the Agritrade Platform, Guatemala will participate for the 27th time in PMA Fresh Summit, the most important international trade show and convention of fruits and vegetables in the United States, which will take place at Anaheim Convention Center, California from October 17th to 19th.
Agro2 is committed to producing ethanol from cassava and food products for domestic consumption and export through the use of sustainable agriculture practices while serving as a model of agricultural production in the highly degraded Veraguas region of the Republic of Panama.
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