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Malaysian palm oil stocks fell to an one-year low in AprilBestvideopokergametoplayEstimated at 1.68 million tons, output increased by 5% month-on-month, and exports decreased by 7% month-on-monthBestvideopokergametoplay.79%; torrential rains in southern Brazil affect soybean production, which is expected to reduce production by 1 million to 3 million tons, and demand for American beans may increase; the progress of soybean harvest in Argentina is 36.2%, 12 percentage points behind the five-year average.
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[Malaysian palm oil stocks hit an one-year low, production and exports increased or decreased]
Malaysian palm oil stocks are likely to fall to their lowest level in a year in April 2024, driven by holiday demand and a significant increase in local consumption, according to Reuters survey data. Palm oil stocks are expected to be 1.68 million tons in April, down 2 per cent from March, falling for the sixth month in a row; production was 1.46 million tons, up 5 per cent from March and rising for the second month in a row; exports were 1.22 million tons, down 7.79 per cent from March.
According to the South Malaysia Palm Oil Association (SPPOMMA), palm oil production in South Malaysia increased by 4.11% month on month from April 1 to 25, 2024. Among them, the yield per unit area of fresh fruit string increased by 5.96% compared with the previous month, but the oil yield (OER) decreased by 0.33%.
Severe torrential rains and floods hit the Brazilian state of Rio Grande do Sul during the May Day holiday, affecting the local soybean harvest. About 1/4 of the state's soybeans have not yet been harvested, and torrential rains are expected to reduce soybean production by 1 million to 3 million tons. This situation may increase the demand for Meidou as a substitute.
According to the Buenos Aires Grain Exchange (BAGE), Argentina's soybean harvest in 2023 Grain 24 reached 36.2% as of May 1, up 10.7% from a week ago, but still 12 percentage points behind the five-year average for the same period.