Malaysian palm oil stocks fell to seven-month low on higher demand and exports

In Malaysia, Reuters reports that palm oil stocks fell to 2.17 million metric tons as of late April, down more than 6% since March and the lowest seen in seven months thanks to higher demand as petroleum prices rise. With palm oil prices reaching 21-month lows in early May at $603.09 per ton last week, there are hopes shrinking stocks will start to help prices. Exports also rose in April thanks to an export duty waiver on palm oil.