Malaysia’s palm oil stocks rise at record pace amid export slump
In Ukraine, UkrAgro Consult reported that Malaysian palm oil inventories rose at their fastest pace in five months, as a sharp drop in exports led to lower production in the country.
According to data released by the Malaysian Palm Oil Board (MBOP), May inventories rose 5.2% from the previous month to 2.43 million tons.
The buildup reflects a sharp slowdown in overseas shipments, as buyers scrambled to purchase Indonesian shipments at discounted prices following Jakarta’s revision of its export policy for key commodities, according to the report.
Malaysia’s exports fell by approximately 14% to a year-over-year low of 1.11 million tons, compared to the forecast of a 6.2% decline.
According to MPOB, Malaysia’s crude palm oil production fell by 7% to 1.52 million tons, compared to the forecast of a 4.9% decline.
Category: Food & Agriculture
