Malaysia's palm oil stocks hit a new high as production rises in October
Malaysia's palm oil inventories hit a new record in October after another increase in production outpaced the recovery in exports. The trend signals that the surplus continues to build, even as overseas shipments surged to their highest level in a year.
Highlights
- Malaysia's palm oil stocks rose 3.15% to 3.62 million tonnes in October, marking the seventh consecutive monthly increase, according to the Malaysian Palm Oil Board.
- Crude palm oil production rose 1.74% to 2.15 million tonnes, setting a new record and marking its fifth consecutive monthly increase.
- Palm oil exports surged 55.8% to 1.71 million tonnes—exceeding Reuters' forecast—but still failed to offset the increase in domestic supply.
This article was translated from the original. Read the original version by our correspondent here.
MPOB data show supplies continue to rise
As reported by The Edge Malaysia, citing the Malaysian Palm Oil Board, Malaysia's palm oil stocks reached 3.62 million tonnes in October, 3.15% above the previous record of 3.51 million tonnes in September. The increase also marked the seventh consecutive monthly rise, as production remained strong amid a recovery in exports.Crude palm oil production rose 1.74% to 2.15 million tonnes, surpassing September's record of 2.12 million tonnes. The data showed that production recorded a monthly increase for the fifth consecutive time.
Export surge not enough to balance the market
Meanwhile, palm oil exports surged 55.8% to 1.71 million tonnes, ending two consecutive months of declines and reaching their highest level in a year. However, the increase in shipments was still not enough to offset the larger rise in domestic supply.A Reuters survey had previously forecast inventories of 3.75 million tonnes, with production estimated at 2.2 million tonnes and exports at 1.6 million tonnes. This indicates that actual stock levels came in below the survey's forecast, while exports exceeded expectations even as the supply glut continued.
Previously, we reported that Malaysia lowered the reference price for crude palm oil in November to RM4,323.78 per tonne while keeping the export duty at 10%.
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