Malaysia’s end-May palm oil stocks seen rising
07/06/2023 (The Daily Star) - Malaysia's palm oil inventories at the end of May are expected to rise as production swells to its highest so far this year while exports remain flat, a Reuters survey showed on Tuesday.
Stockpiles are forecast to rise 6.8 per cent from April to 1.6 million tonnes, snapping a three-month decline, according to the median estimate of nine traders and analysts polled by Reuters.
That is about 5 per cent higher than a year ago.
Production in the world's second-largest producer is seen rocketing 21 per cent to 1.45 million tonnes, the highest level since December.
Supportive weather conditions, more harvesting days and an improvement in yields compared to the previous month helped the surge in production, said Nagaraj Meda, managing director at TransGraph Consulting.