Palm oil stocks in Malaysia reached an 8-month high, a 6.5-year maximum, and prices fell by 10% over the month.
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According to the Malaysian Palm Oil Board (MPOB), in October, crude palm oil production in Malaysia increased by 11% compared to September (in September it was -0.7%, but in August it was 2.4%, and in July it was -7.09%) to 2.04 million tons, which is the highest figure since August 2015. Exports also grew by 18.6% (+7.7% in September, -0.7% in August, and +3.82% in July) to 1.69 million tons, demonstrating the most dynamic growth in a year amid falling prices and increasing demand. Production growth exceeded export growth, so palm oil stocks in the country in October increased by 4.4% (the 8th consecutive month) to a 6.5-year maximum of 2.46 million tons (in September +7.2%, in August +4.2%, in July +4%, and in June +4%). December futures for palm oil on the Bursa Malaysia exchange after the release of such a "bearish" report almost did not change and are trading at last week's level of 4112 ringgits/ton or 973 $/ton, but they have fallen by 10.5% over the month. Traders expect ...