of September, although exports surged 13% from August, said the Malaysian Palm
Oil Board Friday. Production fell 6.6% from a month earlier.
The sharp rise in exports was likely due to an export tax waiver on crude
palm-oil shipments for September and October, as authorities seek to reduce
stockpiles amid a price decline.
Palm-oil exports have been under pressure due to prospects of an abundant
soybean crop this year, which makes soybean oil prices attractive. Supply of
other oilseeds have also been healthy.
The following are details of the September crop data and revised numbers for
August issued by MPOB:
September August Change
On Month
Crude Palm Oil Output 1,896,899 2,031,754 Dn 6.6%
Palm Oil Exports 1,628,197 1,437,503 Up 13.3%
Palm Kernel Oil Exports 104,760 71,272 Up 47.0%
Crude Palm Oil Imports 2,670 2,523 Up 5.8%
Closing Stocks 2,089,859 2,053,175 Up 1.8%
Crude Palm Oil 1,178,046 1,133,453 Up 3.9%
Processed Palm Oil 911,813 919,722 Dn 0.9%
(All figures are in metric tons)
Write to Huileng Tan at huileng.tan@wsj.com
(END) Dow Jones Newswires
October 10, 2014 01:23 ET (05:23 GMT)