Indonesia Palm Reserves May Drop as Weather Curbs Output
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Palm oil inventories in Indonesia, the world’s largest supplier, probably declined in October to the lowest level in 16 months as rain disrupted production and exports gained, boosting the outlook for prices.
Reserves shrank 8.5 percent to 2.04 million metric tons from 2.23 million tons in September, and compared with 2.6 million tons a year earlier, according to the median of estimates from five plantation executives, traders and refiners compiled by Bloomberg. That’s the lowest since 1.85 million tons in June 2012. Exports rose 3.7 percent to 1.7 million tons and output was unchanged at 2.4 million tons, the survey showed.