Malaysia's end-Aug palm oil stocks jump to 7-month high
11/09/2023 (The Star Online), Kuala Lumpur - Malaysia's palm oil stocks at the end of August rose to their highest since January, higher than market expectations, data from the Malaysian Palm Oil Board (MPOB) showed on Monday.
Inventories jumped 22.5% in the world's second-largest producer of the commodity to 2.12 million tons, the data showed.
A Reuters survey of 11 traders and analysts had forecast inventories growing to 1.89 million tons.
Crude palm oil production gained 8.9% from July to 1.75 million tons in August, while palm oil exports fell 9.78% to 1.22 million tons, MPOB said.
Production was seen at 1.72 million tons, while exports were expected to drop to 1.33 million tons, according to the Reuters survey.
Following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for August (volumes in tons):
August 2023 August 2023 poll July 2023* August 2022
Output 1,753,472 1,720,000 1,609,977 1,725,781
Stocks 2,124,963 1,891,321 1,734,157 2,094,667
Exports 1,221,814 1,330,000 1,354,336 1,299,654
Imports 11,621 100,000 103,837 145,452
Note: * indicates revised figures by the Malaysiam Palm Oil Board
Source: Reuters