Palm oil stockpiles in Malaysia, the world’s biggest producer after Indonesia, probably held near a record last month as exports declined amid low demand, according to a Bloomberg survey. Futures dropped to a two-week low.
Inventories of the oil used in food and biofuels were 2.53 million metric tons in December compared to an all-time high of 2.56 million tons a month earlier, according to the median of estimates from six analysts and two plantation companies. Output probably fell 7.9 percent to 1.74 million tons, while exports dropped 3.6 percent to 1.6 million tons, the median of estimates from five of the respondents showed. The Malaysian Palm Oil Board is scheduled to release the monthly data on Jan. 10.