Malaysia’s palm oil stockpiles at the end of August rose 12.4 percent from the previous month to 2.49 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Wednesday. Production in August rose 7.9 percent from the previous month to 1.62 million tonnes, while exports fell 8.1 percent from July to 1.10 million tonnes, according to the MPOB data. A Thomson Reuters survey had forecast palm oil’s end-August stockpiles to climb 9 percent to 2.41 million tonnes, while production was seen up 9.9 percent at 1.65 million tonnes. Exports were also forecast to gain 2.3 percent to 1.23 million tonnes. The following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for August: (volumes in tonnes) Aug 2018 Aug 2018 poll Aug 2017 July 2018 Output 1,622,231 1,651,771 1,810,551 1,503,220 Stocks 2,488,713 2,413,060 1,941,717 2,214,689* Exports 1,099,583 1,232,965 1,488,211 1,196,651* Imports 80,191 50,000 41,661 44,030 *denotes revised figures
Source:Agriculture.com
