Breaking News-RTRS-Malaysia lays out plans to stem palm oil dive

KUALA LUMPUR, Oct 13 - Malaysia, the world's second-largest producer of palm oil, laid out plans for a slew of new measures meant to stem the sharp fall in vegetable oil prices by cutting back near record-high inventories.
Malaysian palm oil prices have more than halved since July and fallen by two-thirds from their record high in March due to a knock-out combination of swelling stocks and slowing demand that have been heightened by a weakening global economy.
To help shore up the market, Malaysia may raise its quota on exports of crude palm oil by 50 percent, revive a long-stalled mandate to blend biofuel into all road diesel and encourage plantations to renew older crops rather than expand into new lands while prices are low, said Commodities Minister Peter Chin.