May 3, 2018 / 5:08 AM / 18 days ago

Indonesia's March palm oil output forecast to drop to 3.34 mln T -Reuters survey

    By Bernadette Christina Munthe
    JAKARTA, May 3 (Reuters) - The output of palm oil from
Indonesia, the world's top producer, likely fell slightly in
March, while exports were expected to be a bit higher, a Reuters
survey showed on Thursday.
    Indonesia is forecast to have produced 3.34 million tonnes
of palm oil in March, down from 3.49 million tonnes in February,
according to the median of a survey of two industry groups and a
state palm oil research firm.
    Exports of the vegetable oil, meanwhile, likely rose to 2.50
million tonnes from 2.48 million tonnes in February.
    The Indonesia Palm Oil Association (GAPKI) reported last
week that the country shipped 2.37 million tonnes of palm oil in
February. Its data for March is not yet available.
    Meanwhile, the survey showed that the domestic use of palm
oil likely fell to 973,000 tonnes in March, from nearly 1
million tonnes a month earlier. 
    Respondents also expected the local inventory of palm oil at
the end of March stood at 3.53 million tonnes, the same as in
February. GAPKI said last week palm oil stocks were at 3.50
million tonnes at the end of February. 
    
    Below is a table of the median forecasts in the Reuters
survey for CPO output, exports and stockpiles, as well as the
GAPKI palm and palm kernel oil export data, going back to the
beginning of 2017. Figures are in million tonnes.        
 Month      Output   Exports  Inventories  GAPKI palm &
                                           kernel oils
                                           exports
 March        3.335    2.500        3.528            --
 February     3.490    2.480        3.530          2.37
 January      3.586    2.737        3.701          2.74
 2017                                      
 December     3.519    2.512        3.200          2.62
 November     3.901    2.518        3.602          2.64
 October      3.949    2.750        3.144          2.60
 September    3.630    2.685        2.400          2.76
 August       3.587    2.714        2.600          2.98
 July         3.530    2.400        2.422           2.4
 June         3.200    2.200        1.300          2.13
 May          3.375    2.375        1.094          2.62
 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
 
 (Writing by Fransiska Nangoy; Editing by Christian
Schmollinger)
  
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