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Malaysia Oilseeds and Products
Prepared by:
Production The Malaysian Palm Oil Board (MPOB) reported that total crude palm oil (CPO) production increased by 2.7 percent to 1.4 MMT in January 2008. Output in Peninsular Malaysia rose 6.2 percent while East Malaysia's production decreased by 2.7 percent. Compared to January 2007, output during January 2008 was 28 percent higher. The increase in January could be due to some harvesting being brought forward due to the celebration of the lunar New Year in the month of February. The strong recovery of palms from biological stress in the past two years is reflected in the strong increase in yields. Post has revised CPO production to reach 3.8 MMT during the Jan-Mar period and to 17.2 MMT in 2007/08. Price Palm oil prices strengthened strongly during the month of February in line with the increase in global soyoil prices. The May future price for Malaysian palm oil soared to a new historic high at RM4,103/MT on Feb 29. Overall, the monthly average delivered CPO price rose sharply from RM3,221/MT in January to RM3528/MT in February. For comparison, the average CPO price for February 2007 was only RM1,927/MT. Refined/Bleached/Deodorized (RBD) Palm Oil FOB average price also rose from US1,030/MT in January to US$1,140/MT in February. Stocks An increase in palm oil production more than offset the increase palm oil exports and resulted in an increase in carryout stocks to 1.9 MMT at the end of January. With an expected seasonal downturn in CPO output in the Jan — Mar quarter, Post expects the stock level to further decrease to 1.5 MMT by the end of March. Trade Preliminary official report shows PO exports dropped by 24 percent to 1.0 MMT in January. According to Cargo surveyor Intertek Testing Services, PO exports rebound by 10% in the month of February. The high CPO prices might have caused some buyers to hold their orders for as long as they could.
Other Relevant Reports
Oilseeds & Products Annual (AGR Number MY7008)
Annual Situation PS&D table for palm oil has been revised to reflect the strong recovery of palms from biological stress in the past two years. The improvement of yields is showing a similar trend of sharp rebounds from periods of biological stress such as 1997/98, 1999/2000, 2001/02 and 2003/04. In addition, about 494,000 hectares of oil palm are reaching peak production stage in 2007/08. The percentage of cultivated oil palm area in the more fertile soil of East Malaysia has increased in the past decade which also contributed to the increase in yields. Historical high palm oil prices encouraged an optimum usage of fertilizer and planters practice better agronomy. Harvesting the fruits at the optimum ripeness; picking loose fruitlets and processing the fruits at optimum time influence the oil recovery rate.
(1,000 MT)
Beg Stock
Production
Imports
Total Supply
Exports
Domestic Use
Ending Stock Quarterly Outlook for Palm Oil
Beg Stocks 3/
Prod- Pen. Mal
— East Mal
— Total
Imports
Total Supply
Exports 4/
Dom Disap 5/
End Stocks
1/ Revised; Production
CPO:
Pen. Malaysia
East Malaysia
— Total /1
1/ Revised Price
1/ Revised 2/ From June 2006, Prices are for West Malaysia only
Exchange Rate: US$1.00 = RM3.236 (Jan 30, 2008); RM3.194 (Feb 29, 2008) Stock
(1,000 MT)
Crude P. Oil
Processed PO
— Total PO
P. Kernel Oil 1/ Revised
Date: 10.03.2008 Comments:Leave your comment
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One or two to reemmber, that is.
One or two to reemmber, that is., 28.08.2011 17:21:05