KL's palmoil output up

KL's palmoil output up

KUALA LUMPUR (Reuter): Malaysia's palmoil output in March is estimated to have risen by 40.5 percent to 600,000 tons from February, private crop forecaster, Ivan Wong said yesterday.

Wong had estimated March's output to rise by 30 percent in his previous report.

He forecast palmoil stocks at end-March at 675,000 tons compared with 723,910 tons at end-February.

Exports in March were estimated at 575,000 tons against February's 435,188 tons.

Palmoil exports were partly boosted by a marked reduction in competition from Indonesia.

"Such a high level of exports is not likely to be sustained this quarter," Wong added.

Palmoil stocks at end-March were estimated at 675,000 tons, which is little changed with his previous estimate of 675,000- 685,000 tons.

"Changes in end-month stocks of palmoil in April-May are likely to remain modest," he added. "A rising trend in stocks should be evident from June onwards when production picks up and Indonesian palmoil exports availabilities also increase."