Palm oil stock preview for May 2021F

■ Malaysia’s palm oil stocks likely grew by 5% mom to 1.62m tonnes at end-
May 2021F, due to higher output.
■ A survey by CGS-CIMB Futures revealed that May output was probably 3.4%
higher mom, while export volumes probably rose by only 0.6% mom.
■ High Covid-19 cases will prolong the freeze on foreign workers intake and
worsen the labor shortage issue. This could lead to supply risk in 3Q21F.