Malaysia’s palm oil stocks to reach near two-year high by end-July
Malaysia’s palm oil stockpiles are forecast to rise for a fifth straight month in July to reach their highest in nearly two years at 2.25 million tonnes, up 10.8 percent from June, as output growth outpaced exports, a Reuters poll showed.
Stockpiles are set to rise on a jump in output and a correction in domestic consumption. Crude palm oil output is expected to reach 1.83 million tonnes, up 8 percent from the previous month, reversing last month’s decline and reaching a one-year high, the poll found.
Palm oil exports are forecast to rise 3.2 percent to 1.3 million tonnes, reversing last month’s decline, the poll found.
Official stockpiles of 2.03 million tonnes in June, plus the above-mentioned production and import estimates, give total supply in July of 3.918 million tonnes. Malaysia’s domestic consumption in July is estimated at 368,275 tonnes. The Malaysian Palm Oil Board (MPOB) is scheduled to release its monthly data on August 11.
Earlier, it was reported that Malaysia’s palm oil exports to the US have increased by 51.8% since the beginning of the year.
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