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Malaysia's end-August palm oil stockpiles hit their highest levels in 17 months, rising 22% from end-July to 2.1 million metric tons, the Malaysian Palm Oil Board said Wednesday.

Palm production also rose 22% in August from a month ago to hit 2.0 million tons.

Meanwhile, exports were flat at 1.4 million tons, the board said.

Palm-oil exports have been under pressure due to prospects of an abundant soybean crop this year, which makes soybean oil prices attractive. Supply of other oilseeds have also been healthy.

Malaysia late last week said it would waive an export tax on crude palm-oil for the months of September and October to help stem a sharp decline in prices.

The following are details of the August crop data and revised numbers for July, issued by MPOB:

                            August         July      Change 
                                                     On Month 
Crude Palm Oil Output     2,031,754     1,665,661    Up 22.0% 
Palm Oil Exports          1,437,452     1,443,560    Dn  0.4% 
Palm Kernel Oil Exports      70,973        75,117    Dn  5.5% 
Crude Palm Oil Imports        2,523         7,725    Dn 67.3% 
Closing Stocks            2,054,008     1,684,732    Up 21.9% 
Crude Palm Oil            1,134,307       895,352    Up 26.7% 
Processed Palm Oil          919,701       789,380    Up 16.5% 
(All figures are in metric tons) 
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