Exports from Indonesia of 1.8 million tons last month would be the biggest since December, when they were 2.02 million tons. The country accounted for 48 percent of global exports last year, according to data from the U.S. Department of Agriculture.
Indonesian output may drop further in August as harvesting was halted for about a week this month as many people were still celebrating Eid, Derom Bangun, chairman of the Indonesian Palm Oil Board, said Aug. 8. Muslims in Indonesia celebrated Eid on July 28. Supply may improve in September and if that’s not followed by a gain in demand, prices will drop further, he said.
U.S. farmers will harvest a record 3.816 billion bushels of soybeans this year, the USDA said on Aug. 12. The price of the oilseed in Chicago retreated 19 percent this year, dropping on Aug. 14 to the lowest level since September 2010.
July 2014 (Survey) June 2014 July 2013
Output 2.14 2.20 2.40
Stockpiles 2.02 2.10 2.35
Exports 1.80 1.79 1.59
NOTE: Figures are in millions of tons