Indonesia's state marketing centre rejected bids for 2,500 tonnes of crude palm oil offered at an export auction as buyers offered lower prices, the centre's official said on Wednesday.
The centre, which sells palm oil from state plantations, offered 2,500 tonnes of crude palm oil at $407.5 a tonne, free on board Begawan and Dumai, the official said. The highest bid for was $400 a tonne, FOB Begawan and Dumai.
Last month, the centre sold 2,500 tonnes of crude palm oil for export at $391 a tonne. The centre did not hold any crude palm oil auction for the local market on Wednesday.