PALM NEWS MALAYSIAN PALM OIL BOARD Monday, 25 Nov 2024

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MARKET DEVELOPMENT
MPOB DATA SEEN NEUTRAL
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KUALA LUMPUR, May 13 (Reuters) - Malaysian palm oil futures (MDEX) were upon Monday morning but dealers said the market could dip in the latesession following uninspiring crop data from the government.The official Malaysian Palm Oil Board (MPOB) said just as the marketclosed for the morning that production, exports and closing stocks forApril were all down from a month ago.Speculation that MPOB's numbers could be friendlier than the Aprilestimates of private crop forecaster Ivan Wong had kept the market up inthe early session, traders said."But now, we find that the MPOB's numbers are quite different fromIvan Wong's," a dealer said. "At the best, what we have is aneutral-to-bearish picture."MPOB said crude palm oil output fell 3.31 percent to 863,120 tonnes inApril from 892,629 in March.It said end-April palm oil stocks were down 9.68 percent to 1.06million tonnes against 1.17 million tonnes at end-March.Exports stood at 861,537 tonnes against 893,241 tonnes in March, itsaid.Wong last week estimated April production at 858,000 tonnes, exportsat 870,000 and closing stocks at 1.04 million.Palm oil's benchmark third-month July futures in Kuala Lumpur were upnine ringgit at 1,262 ringgit a tonne in Monday's morning session. Volumewas below average at 780 lots.In physical palm oil, the May/June contract for the southern andcentral regions saw bids at 1,265 ringgit a tonne, against sale offers at1,270. No business was reported.

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