Malaysia's Palm Oil Stocks Rise to 8-Month Record

Palm oil carryovers in one of the largest palm oil producing countries, Malaysia, rose to an eight-month high of 2.01 million tonnes at the end of last month, Reuters reported, citing data from the Malaysian Palm Oil Board (MPOB). This is also 6.93 percent more than a month earlier. The reason was a sharp drop in local consumption of this product, which outweighed a modest increase in exports and a decrease in production. The country's crude palm oil output fell by 3.8 percent from August to 1.82 million tonnes. At the same time, it was exported by 0.93 percent more, to 1.54 million tonnes. According to forecasts, compared to August, to 1.82 million tonnes, while palm oil exports increased by 0.93 percent to 1.54 million tonnes. According to Reuters forecasts, palm oil reserves will increase to 1.95 million tonnes in the near future, with production of raw materials amounting to 1.87 and exports to 1.5 million tonnes. Anilkumar Bagani, head of research at Mumbai-based vegetable ...