Palm oil inventories in Malaysia fell to 13-month low at the end of April, data from the Malaysian Palm Oil Board (MPOB) showed Wednesday. Stock levels in April fell by 10.54% from the previous month to 1.498 million mt and slumped into year-on-year deficit for the first time in 21 months bar May 2022 as weaker production failed to raise the stocks levels despite a firm drop in exports.
Crude palm oil production in April fell by 7.13% to 1.196 million mt, reversing the slight increment seen in March, with the number of working days in April reduced owing to the Eid holidays which took place around the end of April. The drop in production was steeper than earlier industry estimates, which pegged production to move either way, but was in line with estimates from the Malaysian Palm Oil Association (MPOA) and UOB Kay Hian, which placed output at 8.33% and 6-10% lower on the month.
Palm oil exports also fared lower in April…
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