Palm Oil Output in Malaysia Slumps Most Since 2006 on Floods
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After the deluge, the reckoning. Palm oil output in Malaysia fell by the most in eight years after floods hit plantations in the second-largest producer, according to official data that showed a bigger decline than expected.
Output tumbled 22 percent to 1.36 million metric tons last month from November, the biggest drop since December 2006, the Palm Oil Board said today. That compares with a 1.46 million-ton estimate in a Bloomberg survey last week. Reserves fell 12 percent to 2.01 million tons, smaller than the 2.05 million-ton median in the survey. Exports rose 0.4 percent to 1.52 million tons, while the survey showed a 2 percent drop.