Palm oil production declines in Malaysia, the world’s second-biggest grower, outpaced the drop in exports in December, indicating inventories may have fallen for the third month in a row, Oil World said.
Exports of palm, the world’s most-used cooking oil, from Malaysia fell by about 3 percent while production dropped as much as 10 percent, the Hamburg-based researcher said today in a report. Palm oil futures gained 9.3 percent in the last quarter of 2011 on speculation that inventories would decline and unusually high volumes of rain may hurt yields in Malaysia.
Declining stockpiles “supported palm oil prices in recent weeks, coinciding with fears that excessive rainfall may magnify the seasonal decline of palm oil production in Malaysia in the near term,” Oil World said.
Malaysia exported 1.49 million metric tons of palm oil in December versus 1.66 million tons in November and 1.29 million tons in December 2010, Oil World said, citing cargo surveyor SGS. China was the leading destination last month, importing 337,000 tons, Oil World data show. The European Union imported 296,000 tons and Pakistan took in 167,000 tons, the researcher said.
Rainfall in November was about 15 percent above normal for the country, Oil World said. Perak, the fourth-biggest palm oil growing region in the country, received about 134 percent of normal precipitation in November, the researcher said.
Exports of palm, the world’s most-used cooking oil, from Malaysia fell by about 3 percent while production dropped as much as 10 percent, the Hamburg-based researcher said today in a report. Palm oil futures gained 9.3 percent in the last quarter of 2011 on speculation that inventories would decline and unusually high volumes of rain may hurt yields in Malaysia.
Declining stockpiles “supported palm oil prices in recent weeks, coinciding with fears that excessive rainfall may magnify the seasonal decline of palm oil production in Malaysia in the near term,” Oil World said.
Malaysia exported 1.49 million metric tons of palm oil in December versus 1.66 million tons in November and 1.29 million tons in December 2010, Oil World said, citing cargo surveyor SGS. China was the leading destination last month, importing 337,000 tons, Oil World data show. The European Union imported 296,000 tons and Pakistan took in 167,000 tons, the researcher said.
Rainfall in November was about 15 percent above normal for the country, Oil World said. Perak, the fourth-biggest palm oil growing region in the country, received about 134 percent of normal precipitation in November, the researcher said.
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