Malaysia August CPO Output 2.03 Million Tons; Up 22% on Month -MPOB 10.09.2014
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)