Malaysia's palm oil production and stocks fall

Published 2024년 12월 11일

Tridge summary

Malaysian palm oil stockpiles decreased by 2.6 percent in November, reaching 1.84 million tonnes, as crude palm oil production fell by 9.8 percent to 1.62 million tonnes, marking the lowest monthly output in four years. Palm oil exports also saw a decrease of 14.7 percent to 1.49 million tonnes. This decline in stockpiles could potentially drive benchmark commodity futures up, as they are nearing their highest in two and a half years. The decrease in production and exports is attributed to heavy rainfall in December and a drop in new buyers for palm oil due to its high premium over rival oils.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil stockpiles fell again in November as output fell more than expected to hit a four-year low for the month, Reuters reported. The decline in stockpiles could boost benchmark commodity futures, which are near their highest in two and a half years. Malaysia, the world’s second-largest palm oil producer after Indonesia, is at the center of the trend. Malaysia’s palm oil stockpiles fell 2.6 percent month-on-month to 1.84 million tonnes at the end of November, according to the Malaysian Palm Oil Board (MPOB). MPOB data showed crude palm oil production fell 9.8 percent in November to 1.62 million tonnes, the lowest monthly output in four years. Palm oil exports also fell 14.7 percent to 1.49 million tonnes. Reuters had forecast palm oil stocks at 1.79 million tonnes, production at 1.69 million tonnes and exports at 1.52 million tonnes. The November MPOB data will have little impact on the market as the sharp decline in palm oil stocks was due to a sharp drop in ...

Source: Milknews