*
April stocks fell for third straight month
*
Production, exports shrank more than expected
(Updates with analyst comments in paragraph 3, 7-8)
By Mei Mei Chu and Rozanna Latiff
KUALA LUMPUR, May 10 (Reuters) - Malaysia's end-April
palm oil inventories slumped to their lowest in 11 months, after
production and exports plunged more than anticipated, data from
the nation's palm oil board showed on Wednesday.
Stockpiles in the world's second-largest producer shrank
10.54% from March to 1.5 million tonnes, down for a third month
to the lowest since May 2022, according to the Malaysian Palm
Oil Board (MPOB). Inventories were also lower than 1.64 million tonnes
recorded in April 2022, the first annual decline this year, said
Anilkumar Bagani, research head of Mumbai-based vegetable oils
broker Sunvin Group.
Crude palm oil production in April declined 7.13% to 1.2
million tonnes, its lowest since February 2022 due to fewer
harvesting days amid the Eid al-Fitr holiday season. Palm oil exports were down 27.78% to 1.07 million tonnes,
more than cargo surveyors estimates of 18-21%. Imports plunged 15.3%.
MPOB data was neutral to bullish, Bagani said, but traders will have to consider external factors including uncertainties surrounding the Black Sea grain corridor to determine the future course of price action.
A failure to extend the Black Sea deal between Russia and Ukraine could disrupt sunflower oil supplies, he said.
Following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates (volumes in tonnes) :
April 2023 April 2023 March 2023* April 2022 poll
Output 1,196,450 1,300,000 1,288,354 1,462,050
Stocks 1,497,535 1,510,000 1,674,022 1,642,811
Exports 1,074,447 1,200,000 1,487,836 1,073,038
Imports 33,678 50,000 39,772 76,771
*indicates revised figures by the Malaysian Palm Oil Board
(Reporting by Mei Mei Chu; Editing by Kanupriya Kapoor)
Messaging: @meixchu on Twitter))