JAKARTA: Indonesia’s crude palm oil (CPO) output likely dropped in February, extending the decline into a third straight month.
CPO production in the world’s top producer of the widely used oil likely slipped to 2.80 million tons in February from 2.95 million tons in January, according to the median estimate in a survey of two industry associations and a state palm research firm.
Meanwhile, exports of Indonesian CPO were estimated to have risen last month to 2.41 million tons from 2.21 million tons in January. Indonesian Palm Oil Association (GAPKI) data showed the country exported 2.72 million tons of palm oil and palm kernel oil in January.
The group’s February data is not yet available. Domestic use of the oil was seen between 800,000 tons and 845,000 tons, lower than the previous month’s consumption of up to 947,000 tons.
The survey median also showed domestic palm stocks at 2 million tons, improving from January. The February survey comprises responses from the Indonesia Palm Oil Board, the Indonesian Vegetable Oil Industry Association and the Indonesian Oil Palm Research Institute.