Malaysian palm oil output showed a sharp decline in February, albeit for a period when output is seasonally weak.
But exports dropped too, minimising the impact on stocks, which actually far exceeded market forecasts, with the larger-than-expected inventories seen as an indicator of disappointing domestic use too.
Below the data, comparison by month and by year, and with market expectations gleaned by a Reuters poll.
|Malaysian palm oil dynamics, February|
|Figure (tonnes)||Month-on-month change||Year-on-year change||Difference from forecast|
|Source: Malaysia Palm Oil Board|