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Malaysia's Felda says its palm oil output to drop 17 pct this yr, hit by El Nino

KUALA LUMPUR, May 16 (Reuters) - The chief executive of Malaysia's Felda Global Ventures Berhad, the world's third largest palm plantations operator, said on Monday that he expected the company's crude palm oil yields to drop by 17 percent this year.

"Lower yields are due to the El Nino effect," newly-appointed chief executive Zakaria Arshad said at a media briefing.

Zakaria said crude palm oil prices are seen at 2,600 ringgit ($644.50) to 2,800 ringgit per tonne by August this year. They stood around 2,566 ringgit on Monday. ($1 = 4.0340 ringgit) (Reporting by Emily Chow; Editing by Joseph Radford)