Crude palm oil (CPO) output and exports from Indonesia, the world's top producer, likely post a small increase in January, a Reuters survey showed on Monday. Output in January was forecast to rise to 3.59 million tonnes, up slightly from 3.52 million tonnes in December, according to the median of responses in a survey of two industry groups and a state palm oil research firm.
Exports of the widely used vegetable oil are forecast to rise to 2.74 million tonnes in January, up from 2.51 million tonnes in December. The Indonesia Palm Oil Association (GAPKI) said the country exported 2.62 million tonnes of palm and palm kernel oils in December. Data for January is not yet available.
Meanwhile, domestic CPO consumption is forecast to fall to 924,000 tonnes last month, from 972,000 tonnes in December. Stockpiles of CPO at the end of January are seen at 3.70 million tonnes according to the median of the forecasts. GAPKI said Indonesia held 4.02 million tonnes of CPO in stockpiles at the end of 2017. It also estimated that 2018 crude palm oil output would grow 10 percent from 38.17 million tonnes last year.
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