Malaysia’s palm oil reserves jump most in five months as exports drop, MPOB says
In Malaysia, The Edge reported that palm oil stockpiles in Malaysia climbed at the fastest pace in five months as a sharp drop in exports overshadowed weaker production in the world’s second-largest grower.
Inventories in May climbed 5.2% from a month earlier to 2.43 million tons, according to data released by the Malaysian Palm Oil Board (MPOB).
Malaysian exports fell about 14% to a one-year low of 1.11 million tons, compared with estimates for a 6.2% drop. While there were initial expectations that the new Indonesian regime — announced late last month — would divert demand to Malaysia, that has yet to materialize, according to the report. Instead, buyers in key markets including India and China have been scooping up more attractively priced Indonesian supplies, it added.
Category: Food & Agriculture
