Malaysian palm oil stocks rose despite production cuts and rising exports

According to the Malaysian Palm Oil Board (MPOB), in September, crude palm oil production in Malaysia decreased by 0.7% compared to August (in August, the growth was 2.4%, in July – 7.09%) to 1.84 million tons, and exports increased by 7.7% (-0.7% in August and +3.82% in July) to 1.43 million tons. However, against the background of the recalculation of opening stocks and the activation of imports, palm oil stocks in the country increased in September (for the 7th consecutive month) by another 7.2% (+4.2% in August, +4% in July and +4% in June) to a 2-year high of 2.36 million tons. On Friday, November palm oil futures on the Bursa Malaysia exchange fell by 1% to 4,544 ringgit/t or $1,076/t, partially losing a speculative increase of 2.3% over the week, but rose by 2.5% in dollar terms over the month due to increased exports, which, according to survey company AmSpec Agri Malaysia, grew by 19% to 495,500 tons in the period from October 1 to 10 compared to the same period in ...