Indonesia's crude palm oil (CPO) output likely dropped in February, extending the decline into a third straight month, a Reuters survey showed. CPO production in the world's top producer of the widely used oil likely slipped to 2.80 million tonnes in February from 2.95 million tonnes in January, according to the median estimate in a survey of two industry associations and a state palm research firm.
Meanwhile, exports of Indonesian CPO were estimated to have risen last month to 2.41 million tonnes from 2.21 million tonnes in January. Indonesian Palm Oil Association (GAPKI) data showed the country exported 2.72 million tonnes of palm oil and palm kernel oil in January. The group's February data is not yet available.
Domestic use of the oil was seen between 800,000 tonnes and 845,000 tonnes, lower than the previous month's consumption of up to 947,000 tonnes. The survey median also showed domestic palm stocks at 2 million tonnes, improving from January. The February survey comprises responses from the Indonesia Palm Oil Board, the Indonesian Vegetable Oil Industry Association and the Indonesian Oil Palm Research Institute.