Malaysia end-June palm oil stocks rise slower than expected as output falls
10/07/2023 (Nasdaq), Kuala Lumpur - Malaysia's palm oil inventories rose at the end of June but at a slower than expected pace, as production declined and exports jumped, data by the nation's palm oil board showed on Monday.
Stockpiles at the world's second largest producer gained 1.9% from the month before to 1.72 million metric tons, hitting a four-month high, Malaysian Palm Oil Board (MPOB) data showed. MYPOMS-TPO
That was much smaller than a Reuters' forecast of a 10.5% jump.
Crude palm oil output in June fell 4.6% to 1.45 million tons, MPOB data showed, surprising industry participants who had widely expected production to rise. MYPOMP-CPOTT
Exports rose 8.6% to 1.17 million tons, surpassing cargo surveyors estimates. MYPOME-PO
Intertek Testing Services had estimated June export shipments to decline 6.9%, while Amspec Agri said shipments rose 0.6%.
Following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for June (volumes in tonnes) PALM/POLL:
June 2023 June 2023 poll May 2023* June 2022
Output 1,447,795 1,505,500 1,517,546 1,545,103
Stocks 1,720,567 1,864,400 1,688,146 1,645,831
Exports 1,171,741 1,086,252 1,079,020 1,193,928
Imports 135,271 67,500 80,926 59,195
*indicates revised figures by the Malaysian Palm Oil Board
Source: Reuters