News summary
Malay palm oil production soared by 26%, but exports fell by more than 8% month-on-month, putting prices under pressure. Indonesia's palm oil imports dropped sharply by 28 per cent month-on-monthgoldfortunecasino.82%, China's palm oil stocks are gradually decreasing.
Newsletter text
[Malaysia's palm oil production has increased significantly, and export data has declined]
According to records from the Southern Peninsula Palm Oil Crushers Association, in the first 20 days of May, Malaysia's palm oil yield increased by 27.1% year-on-year, output increased by 26%, and oil output fell slightly by 0.16%.
Chinese customs statistics revealed that palm oil imports fell to 148,020.165 tons in April 2024, a decrease of 9.01% from the previous month and a year-on-year decrease of 34.44%.
China's largestgoldfortunecasinoIndonesia, a palm oil supplier of Indonesia, exported palm oil to China that month to 89,542.138 tons, a month-on-month decrease of 28.82% and a year-on-year decrease of 33.32%.
As the second largest supplier, Malaysia's exports to China reached 58,296.543 tons in the month, a month-on-month increase of 58.64% and a year-on-year decrease of 36.18%.
The Malaysian Palm Oil Board predicts that palm oil prices will fluctuate between 3700 and 3950 ringgit/ton this month due to seasonal increases in production.
Shipping survey agency ITS data pointed out that Malaysia's palm oil exports from May 1 to 20 were 830608 tons, down 8.27% from the same period last month.
Data from independent inspection agency AmSpec also showed that Malaysia's palm oil exports during the same period were 814031 tons, a decrease of 9.64% from the same period last month.
Due to Indonesia's recent heavy rains and floods, palm oil production may be negatively affected. In China, the recent increase in ship-buying activities has helped alleviate the pressure of insufficient supply of palm oil, while domestic port inventories continue to decrease.