Indonesia’s crude palm oil output and exports likely declined in June as Ramadan celebrations in the Muslim majority country curtailed palm harvesting and processing, a Reuters survey showed.
Crude palm oil (CPO) production in Indonesia, the world’s top producer of the vegetable oil, likely fell to 3.2 million tons in June, compared to 3.38 million tons in May, according to the median estimate in a survey of two industry associations and a state palm research firm.
Exports of Indonesian CPO were estimated to have fallen last month to 2.20 million tons, from 2.37 million in May.
Domestic consumption was forecast to have risen to 937,500 tons in June, from 924,000 in the previous month, according to the survey.
Meanwhile, domestic stockpiles likely increased to 1.30 million tonnes from 1.09 million.
Indonesian Palm Oil Association (Gapki) data showed the country exported 2.62 million tons of palm oil and palm kernel oil in May. The group’s official June data is not yet available.
The June survey included responses from Gapki, the Indonesia Palm Oil Board, and the Indonesian Oil Palm Research Institute.