To Trade Palm Oil in US Dollar ?? Which school did to go ?

I really don’t understand why so-called ‘smart’ people and leader of a corporation suddenly make a sense-less decision.
Recently Bursa announced a plan to trade Palm Oil Futures in US Dollar currency. Don’t they understand the implication?

While during the OPEC meeting 2 member countries has express their strong opinion not to trade their crude oil in US Dollar, we, Malaysia plans to trade palm oil in Dollar. I assume readers of this blog know the latest development of dollars. If we start to trade in dollar, immediately our palm oil will be de-valued. Let’s take for example we are trading at RM 3000/tonne now. That is equivalent to about USD1000/tonne (let say exchange rate is USD1 : RM3). Let say in the future, the dollar continue to sink and the RM exchange rate improve to USD1 : RM2.8, then, when we sell 1 tonne of palm oil we can only sell with RM 2800 only. To get RM 3000, we have to produce more of palm oil. This is not a smart move for a person who leads our Bursa, don’t you think? What are they thinking? Or rather, how can they think like that?
Our plantation companies have to squeeze for palm oil to meet the demand. Even right now we are struggling to produce more.

Proposal
The solution is very simple. We just have to keep selling in RM. It works well so far. We have an improve volume trading in our Bursa Futures.

Now, our Bank Negara only allows Ringgit to be traded in Malaysia. In the near future (within a year time), I am sure Bank Negara will allow Ringgit to be traded off-shore.
Ringgit has to be traded off-shore. But right now, when our overall economy still struggling to grow above 6%, struggling to attract Foreign Money (FDI), we have to contain the Ringgit trade exposure.

Conclusion
Continue trade palm oil as it is. Remember, palm oil is our GOLDEN CROP. It is equivalent to Arab’s crude oil, African’s GOLD and diamonds and Oceania’s agricultural products. This crop is our ticket to prosperity!