Decrease in production, exports and stocks of palm oil in Malaysia supports prices for sunflower oil

In its latest report, the Malaysian Palm Oil Board (MPOB) lowered its estimate of oil production and stocks in Malaysia by more than analysts expected, which led to an increase in quotations. Thus, according to the report: Stocks of palm oil in Malaysia declined for the fourth consecutive month, which reduces the potential for exports and forces buyers to switch to buying cheaper soybean and sunflower oil. April futures for palm oil on the Bursa exchange in Malaysia yesterday rose 2% to 4595 ringgit/t or 1029 $/t (+5.2% for the week, +8.9% for two weeks). Growth was limited by the fall in export demand from India and China, but traders hope to increase demand in the near future, which will support prices. Exports of palm oil products from Malaysia in the period February 1-10, according to the surveyor Intertek Testing Services decreased compared to the corresponding period in January by 3.9%, and according to estimates of AmSpec Agri Malaysia increased by 6.4%. This ...