Malaysian Palm Oil Council Russia's Post

Malaysia's end-Nov palm oil stocks seen down slightly as output falls

KUALA LUMPUR — Malaysia’s palm oil inventories at end-November likely shrank slightly from October as output slowed while imports jumped, a Reuters survey showed on Monday.

Exports are expected to climb 3% to 1.55 million tonnes, while imports likely rose 16.8%.

Strong demand for palm oil has been underpinned by a widening price discount against rival oils including soyoil.

The ringgit looks set to rise with a new government in place in Malaysia.

The Malaysian Palm Oil Board is scheduled to release its data on Dec. 13.

Breakdown of November estimates (in tonnes):

Production 1,632,200-1,759183 1,722,912

Exports 1,353,400-159,4006 1,549,446

Imports 50,000-117,500 77,500

Closing stocks 2,316,631-2,512,100 2,392,337

* Official stocks of 2,403,719 tonnes in October plus the above estimated output and imports yield a total November supply of 4,204,131 tonnes. Based on the median of exports and closing stocks estimate, Malaysia’s domestic consumption in November is estimated to be 262,348 tonnes.

Stockpiles in the world’s second-largest producer were seen falling 0.47% from the previous month to 2.39 million tonnes, according to the median estimate of six traders and analysts polled by Reuters.

Production is pegged to decline 5% from October to 1.72 million tonnes.
By: via Malaysian Palm Oil Council Russia