Malaysian palm oil reserves highest since January 2000

In Malaysia, Reuters reports that as of the end of December, palm oil stocks reached a new high of 3.2 million metric tons—the highest seen since January 2000—following a total of 19.5 million tons produced during 2018. Though palm oil prices have begun to recover from three-year lows to around $531.87 per ton currently, high stocks could weigh on prices again. Production in 2018 was 400,000 tons lower than in 2017 and production could fall further due to El Niño-related dryness this year.