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Indonesia palm oil stockpiles likely fell in May as exports rose - Reuters survey
June 19, 2017 / 3:45 AM / in 4 months

Indonesia palm oil stockpiles likely fell in May as exports rose - Reuters survey

    By Fransiska Nangoy and Bernadette Christina Munthe
    JAKARTA, June 19 (Reuters) - Indonesia's palm oil stockpiles
likely fell in May as exports increased because of higher
consumer demand ahead of the start of the Islamic holy month of
Ramadan, a Reuters survey showed. 
    Crude palm oil (CPO) production in Indonesia, the world's
top producer of the vegetable oil, likely rose in May to 3.38
million tonnes from 2.9 million tonnes in April, according to
the median estimate in a survey of three industry associations
and a state palm research firm. 
    Exports of Indonesian CPO were estimated to have increased
last month to 2.38 million tonnes, from 2.16 million tonnes in
April.    
    Domestic consumption was also forecast to have risen to
924,500 tonnes in May, from 867,000 tonnes in the previous
month, according to the survey. 
    Exports and domestic demand likely rose as consumers bought
up palm oil supplies before Ramadan began on May 25. The Islamic
holy month is marked by fasting during the day followed by
feasts at night, spurring palm demand for cooking. 
    The rising Indonesian consumption likely pushed down
domestic palm inventories to 1.09 million tonnes in May
according to the survey, from 1.31 million tonnes previously.
    "Stock is low, that helps support (CPO) prices," said Derom
Bangun, head of Indonesia's Palm Oil Board.
    Indonesian Palm Oil Association (GAPKI) data showed the
country exported 2.57 million tonnes of palm oil and palm kernel
oil in April. The group's May data is not yet available.
 
    The May survey comprised responses from GAPKI, the Indonesia
Palm Oil Board, the Indonesian Vegetable Oil Industry
Association and the Indonesian Oil Palm Research Institute. 
    Below is a table of the median responses to the Reuters CPO
survey and GAPKI palm and palm kernel oil export data going back
to 2015 (in million tonnes). 
    
   Month    Output   Exports  Inventories  GAPKI palm &
                                            kernel oils
                                              export
 May          3.375    2.375        1.094             --
 April        2.904    2.162        1.306           2.57
 March        3.078    2.093        2.300           2.47
 February     2.800    2.406        2.000           2.53
 January      2.949    2.214        1.475           2.72
 2016                                      
 December     3.218    2.382        1.886           2.68
 November     3.310    2.221        1.786           2.84
 October      3.064    2.225        1.945           2.41
 September    2.900    2.000        1.738           1.73
 August       2.833    1.740        1.700           2.07
 July         2.802    1.875        1.875           1.60
 June         2.464    1.798        1.712           1.78
 May          2.188    1.919        2.100           1.76
 April        2.132    1.928        2.250           2.09
 March        2.150    1.895        2.592           1.74
 February     2.300    2.010        3.633           2.29
 January      2.440    2.005        2.025           2.10
 2015                                                   
 December     2.457    2.675        2.425           2.51
 November     2.800    2.093        2.950           2.39
 October      3.010    2.213        3.025           2.61
 September    3.100    2.235        3.050           2.34
 August       3.198    1.885        3.392           2.10
 July         2.856    1.920        3.200           2.09
 June         2.800    2.400        3.046           2.27
 May          2.774    2.150        2.540           2.22
 April        2.662    2.046        2.602           2.25
 March        2.397    1.800        2.667           2.03
 February     2.049    1.750        2.425           1.79
 January      2.056    1.658        2.413           1.81
    

 (Editing by Christian Schmollinger)
  

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