We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry. current time
Malaysia’s palm oil stocks continues to drop
As per a poll report of 14 analysts, traders, and growers by Platts, part of S&P Global Energy, Malaysia’s palm oil stocks were estimated at 2.173 million tonne (mt) by the end of March, marking a third consecutive month of decline, as rising exports were seen outpacing a moderate increase in production at the world’s second-largest supplier of vegetable oils.
Prior to this, Malaysia’s palm oil stocks had hit a seven-year high of 3.051 mt at the end of December, driven by stronger production and slower demand from the largest buyers, India and China, according to data from the Malaysian Palm Oil Board.
The Platts survey shows that palm oil production is expected to rise to 1.375 mt in March, up 7 percent from the previous month. Exports were pegged at 1.565 mt, up 38.9 percent month over month.
On falling prices, traders say that Malaysian palm oil futures fell more than 3 percent five days ago as crude oil prices plunged following a US-Iran ceasefire deal, along with weaker vegetable oil prices in global markets and a stronger Malaysian Ringgit. Likewise, crude oil prices fell below the $100 per barrel mark as US President said that he had agreed to a two-week ceasefire with Iran, subject to the safe reopening of the Strait of Hormuz.
