MPOB palm report with bearish outlook on lean production season

Malaysia palm oil future prices closed again with the lower side in last week while in today was MPOB of data, day and as expected its there in the market with bearish outlook as inventory level pegged at 3.045 MMT level which 2.8% from market prediction.

As MPOB data,

Malaysia output is down by 11.10% at 1.544 MMT, Export is down by 21.38% at 1.32 MMT and as mentioned above stocks up by 1.34% at 3.045 MMT from the previous month.

However, Production down by 11.10%, but due to higher inventory level and low export may keep prices in the downside, any upward changes in export demand may support prices in coming days.