CORRECTED-PREVIEW-Malaysia Nov palm oil stockpiles seen dropping to 16-month low - Reuters

 (Corrects domestic consumption figure in last paragraph)
    * Nov stocks seen -5.7% to 2.22 mln T - survey
    * Output seen -10.4% at 1.61 mln T - survey
    * Exports seen -5.2% to 1.56 mln T - survey
    * Malaysian Palm Oil Board data due Dec. 10

    By Fathin Ungku
    SINGAPORE, Dec 5 (Reuters) - Malaysian palm oil stockpiles
likely fell to the lowest in more than a year in November, as
production fell over 10% during the month, a Reuters survey
showed on Thursday.
    Inventories in the world's second-largest palm oil producer
are forecast to fall 5.7% from October to 2.22 million tonnes,
according to a median estimate of nine planters, traders and
analysts polled by Reuters, the lowest since July 2018. 
MYPOMS-TPO
    "Malaysia's palm oil stocks likely fell... due to lower
output," said Ivy Ng, regional head of plantations research at
CIMB Investment Bank said in a research note to clients.
    The poll pegged November output to fall for the second
consecutive month to a 5-month low. It likely fell 10.4% in
November from a month ago to 1.61 million tonnes. This would be
the biggest drop since February, when it fell 11%.
MYPOMP-CPOTT.
    Malaysia' palm oil exports in November are seen falling 5.2%
to 1.56 million tonnes from October. MYPOME-PO
    "Palm oil exports to China grew 56% month-on-month but this
was more than offset by weaker exports to Africa, India and the
European Union," said Ng.
    However, domestic consumption outlook of the edible oil is
still bullish because of a push to use more palm oil in biofuels
by Malaysia and Indonesia. 
    Implementation of biofuels mandates in Malaysia and
Indonesia is expected to increase consumption of palm oil up to
1.3 million tonnes and 10 million tonnes per year, respectively,
with the latter planning to reduce fossil diesel fuel
consumption by 165,000 barrels per day (bpd).
    Palm futures have been soaring over the last few months on
supply shortage worries and traded a two-year high by midday on
Thursday.
    Leading analyst James Fry said last month that growth in
palm oil production will slow in the next few years, helping
reduce stockpiles and boost prices.
    Official palm oil data will be published by the Malaysian
Palm Oil Board (MPOB) ‪after 0430 GMT on Dec. 10. 
    
  Breakdown of November estimates (in tonnes): 
                         Range              Median
 Production       1,570,000-1,760,000      1,610,000
 Exports          1,420,000-1,650,000      1,557,000
 Imports             50,000-100,000         80,000
 Closing Stocks   2,070,000-2,294,000      2,215,000
 * Official stocks of 2,348,066 tonnes in October plus the above
estimated output and imports yield a total November supply of
4,038,066 tonnes. Based on the median of exports and closing
stocks estimate, Malaysia's domestic consumption in November is
estimated to be 300,000 tonnes.

 (Reporting by Fathin Ungku; editing by Uttaresh.V)
  

Our Standards:The Thomson Reuters Trust Principles.

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