palm oil

I've been watching the palm oil price as shown in the ticket on CNBC Asia's pay tv channel and I've noticed the price rose sharply to a record high of 4,200+ last week.

This week the price has plummeted down to a bit over 3,200. I presume the price rise was due mostly to speculators and the sudden drop possibly to do with the credit crunch and Bear Sterns problems.

Still has a way to go for the price drop to make biodiesel production economic but it's nice to see it come back off it's recent record highs.