Malaysia February palm oil exports slumped to the lowest in 12 months after declining by 5.32% to 1.097 million tons against market expectation of a rise between 7.80-9.55%. A sharper fall in exports, higher imports and a deeper plunge in production left end-month stocks in a slightly better position at 1.518 million tons or down 2.12% from January leaving stocks at 16.25% higher than the same time last year. The market expected February stocks to fall of between 1.270 to 1.380 million tons at the back of strong rise in exports. Imports more than doubled to 13 months high to 149,827 tons to make up for the shortfall in production.
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