Malaysia's Palm Oil Stocks Hit Five-Month High

Malaysia's palm oil stocks have hit a five-month high in July due to increased production. According to data from the Malaysian Palm Oil Board, inventories rose by 3.32% from the previous month to 2.63 million tonnes. This is the highest level since February, marking a significant increase from the previous month.

Crude palm oil production also saw a boost, rising by 9.41% to 1.79 million tonnes in July. This marks the second consecutive monthly rise and the highest monthly output since December last year. Palm oil exports surged by 14.5% to 1.39 million tonnes, marking a second consecutive monthly increase.

The data from the Malaysian Palm Oil Board shows that production has remained above rising export volumes, contributing to the rise in inventories. A Reuters survey had forecasted inventories at 2.61 million tonnes, with output seen at 1.76 million tonnes and exports at 1.38 million tonnes.