Malaysia’s total palm oil stocks fell 10.55% to 1.698 million tons in July, down from 1.898 million tons in June but the declines were less than market expectations, according to the latest data release by the Malaysian Palm Oil Board (MPOB).
In its latest report on the industry’s performance, the MPOB said crude palm oil (CPO) stocks shrank 15.42% to 868,664 tons in July, down from 1.027 million tons in June.
Processed palm oil stocks went down by 4.81% to 829,372 tons in July compared with 871,296 tons previously, it noted.
CPO production decreased 4.14% to 1.807 million tons in July, down from 1.885 million tons in the previous month, while palm kernel output was 3.51% lower at 449,347 tons against June’s production of 465,712 tons.
The MPOB said palm oil exports rose 4.19% to 1.782 million tons in July versus 1.71 million tons in the preceding month, while oleochemical exports fell 10.01% to 247,187 tons from 274,679 tons previously.
Biodiesel exports in the month under review surged 143.26% to 38,974 tons in July compared with 16,022 tons in June, while palm kernel oil exports were up 4.07% at 100,115 tons versus 96,201 tons in the preceding month.