Palm oil stocks fall to a nine-month low as exports outpace production
End-of-month inventories dropped 8.1 percent. The board reacted before the number was released, which is its own kind of information.
Malaysian palm oil inventories fell to 1.74 million tonnes at month end, down 8.1 percent and the lowest in nine months. The consensus estimate had been for a decline of about 4 percent.
Exports rose 12 percent while production fell 3 percent, a combination that draws down stocks quickly. Indian buying accounted for most of the export increase, front-running an expected duty change.
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