Malaysia’s March palm oil stocks fall 21% as exports outpace supply

Malaysia’s palm oil stocks fell 21% by end-March compared with the previous month, well below market expectations as exports surged while production grew at a slower rate, data from the Malaysian Palm Oil Board showed April 10. End stocks at the world’s second largest palm oil producer and exporter fell to 1.673 million mt, much lower than the 1.795 million mt expected by the market, according to a S&P Global Commodity Insights survey. Stocks were higher on year-on-year basis from the 1.474 million mt seen at the end of March 2022, according to the MPOB data. Exports surged in March to 1.486 million mt, up 31% on the month and better than market expectations of 1.325 million mt, the MPOB said. Crude palm oil production in March rose to 1.288 million mt, up 2.8% from February but lower than the 1.411 million mt output in March 2022. Malaysia’s benchmark June palm oil contract on the Bursa Malaysia Derivatives exchange opened lower at MR 3,765/mt ($854.13) and fell to MR3,754/mt ...