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Palm oil stockpiles in Malaysia, the world’s second-largest palm oil producer and exporter, likely hit a 10-month low by end-May, according to a Reuters survey, logging a third straight month of fall due to a dip in output and rise in exports.
Stockpiles in Malaysia is expected to fall 9.7% from April to 2.46 million tonnes in May, according to the survey. That would be the lowest levels since July 2018.
Survey contributors are expecting production in May to dip 2% to 1.61 million tonnes from the previous month. This would be the second month of declines for production and its lowest levels in three months.
Meanwhile, the survey also showed that May exports likely rose 3.3% on-month to 1.71 million tonnes in a third straight month of gains, the highest levels in nearly three years.