Malaysia’s palm oil stocks slide 6.56% in Feb

KUALA LUMPUR: The Malaysian Palm Oil Board reported that the country’s overall palm oil stockpiles decreased by 6.56% to 2.11 million tonnes in February 2023 from 2.26 million tonnes the month before (MPOB). According to a statement released by MPOB today, processed palm oil stockpiles fell 5.15 percent to 959,451 tonnes from 1.01 million tonnes. While crude palm oil (CPO) stocks fell 7.69 percent to 1.16 million tonnes in February from 1.25 million tonnes in January.

According to the report, February’s CPO production decreased by 9.35% to 1.25 million tonnes from 1.38 million tonnes in January. While February’s palm kernel production fell by 7.10% to 316,196 tonnes from 340,369 tonnes.

It added that exports of oleo-chemicals increased 8.13 percent to 228,088 tonnes from 210,936 tonnes. While palm oil exports decreased 1.99% in February to 1.11 million tonnes from 1.13 million tonnes in January.

According to MPOB, exports of palm kernel cake grew by 4.04 percent to 210,612 tonnes from 202,431 tonnes in the month under review. A 3.23 percent increase in biodiesel exports from 14,239 tonnes the month before.

In the meantime, it reported that from 62,102 tonnes in January to 59,888 tonnes in February, palm kernel oil exports decreased by 3.57 percent.