Exports of Malaysian palm oil products for September slumped by nearly a fifth to around 1.2 million tonnes, a cargo surveyor reported on Tuesday, beating market expectations and heightening fears of a stock build-up.
Cargo surveyor Societe Generale de Surveillance said palm exports in September dropped 18.8 percent to 1,209,265 tonnes from 1,488,640 tonnes shipped in August, beating traders’ expectations of 14 to 15 percent decline.
On an annual basis, exports in September have tumbled 14.6 percent. September is generally a buoyant month for palm oil sales as top buyers such as India are still locking up supplies for the festival season starting in October.
“It appears that Malaysian palm exporters are shunning deals with known defaulters and going for the tried and tested customers,” said a leading trader.
“It’s worrying because palm end-stocks for September could be at the brink of 2 million tonnes.”
Top Asian consumers China, India and Pakistan have tended to either default or defer on palm oil cargoes after sharp price falls in August and September. Traders say there may be another round of defaults as palm oil prices went below 2,000 ringgit.
Malaysian crude palm oil futures fell to an 18-month low on Tuesday, before recouping some losses at midday, rattled by a tumble in crude oil prices on worries that an economic slowdown will curb demand, traders said.
Intertek Testing Services, another cargo surveyor, will unveil its estimates for September on Friday.
SGS September palm export figures (in tonnes):
PALM PRODUCTS Crude palm oil
181,957 RBD palm oil
125,148 RBD palm olein
551,495 RBD palm stearin
120,209 Crude palm kernel oil
9,880 Processed palm kernel oil 48,189 Oleochemicals
49,309
TOP PALM MARKETS China
345,864 European Union
231,058 United States
114,546 Pakistan
103,800 India
92,130
TOTAL PALM EXPORTS, BY MONTH Month Total
Net Change m/m % September 1,209,265
-279,375 -18.8 August 1,488,640
91,901 6.6 July 1,396,739
290,104 26.2 June 1,106,635
-158,122 -12.5 May 1,264,757
-49,785 -3.8 April 1,314,542
90,638 7.4 March 1,223,904
122,761 11.1 February 1,101,143
64,217 6.2 January 1,036,926
-406,924 -28.2 December 1,443,859
176,478 13.9 November 1,267,372
-35,990 -2.8 October 1,303,362
-111,904 -7.9 September 1,415,266
150,844 11.9 (Reporting by Niluksi Koswanage; Editing by Clarence Fernandez)
More Recent Palm Oil News 
- CPO Rises To Two Week High; Industry Data In Focus
- Crude Palm Oil Ends Up On Weekend Short Covering; Upside Limited
- Crude Palm Oil Recovers Late On Short Covering
- Crude Palm Oil Ends Down As Demand Prospects Weaken
- Crude Palm Oil Rises Slightly; Weak Demand Limits Upside
- Crude Palm Oil Ends Up On South America Crop Worries
- Crude Palm Oil Rises On Pre-Holiday Short-Covering
- Crude Palm Oil Falls Due To Bearish Export Outlook
- Crude Palm Oil Ends Higher On South America Weather
- Crude Palm Oil Ends Down On Profit Taking; USDA Report In Focus
- Crude Palm Oil Rises In Light Trade; USDA Data In Focus
- Crude Palm Oil Steady; South America Weather May Underpin
- Crude Palm Oil Ends Up In Light Trade; Fresh Cues Awaited
- Crude Palm Oil Ends Up On Weather Concerns; More Gains Likely
- Crude Palm Oil Ends Down On Profit Taking, Europe Worries
PRO Palm Oil Live Market News
- China Dalian Commodity Exchange Grain Stocks, Feb 09
- BMD Crude Palm Oil (CPO) Rebounds But Higher Stocks Cap Gains
- China Dalian Grain Futures Closing Prices, Volume
- Malaysian AM Cash Market Prices For Palm Oil – Feb. 9
- BMD Crude Palm Oil (CPO) Falls With Other Commodities; Stocks Weigh
- BMD Crude Palm Oil (CPO) Slips In Choppy Trade; MYR3,120 Support
- BMD Crude Palm Oil (CPO) Tipped To Open Up But Upside Limited
- Asia-Pacific Commodities Events Calendar
- Southeast Asia Palm Oil Weather – Feb 8
- European Veg Oil PM Palm Oil & Lauric Oil Prices – Feb 8
- European Veg Oil AM Palm Oil & Lauric Oil Prices – Feb 8
- India Commodity Prices Including Palm Oil – Agriculture
- CPO Rises To Two Week High; Industry Data In Focus
- Indonesia PT KPB Sells 6,500 Tons Crude Palm Oil (CPO) At Auction Wednesday
- Malaysian PM Cash Market Prices For Palm Oil – Feb. 8
