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Press Release<\/strong> PRODUCTION STARTS RISING, BUT STOCK STILL TIGHT<\/strong><\/p>\n <\/p>\n The average price of palm oil during March 2021 reached US$ 1,116\/ton CIF Rotterdam, which was higher by US$ 21 (1.9%) from that in February. The price increase was caused by the many changes in predictions of oilseeds production and the increase of global production of biodiesel. The uncertainty of planting and production of oilseeds has raised the demand for palm oil because as perennial plant the palm oil production is more predictable. Indonesia gets an advantage from such situation, as its production is not disrupted by the Covid-19 pandemic, causing its exports to rise significantly. The export of palm oil in March 2021 was estimated to reach 3,244 thousand tons, which was higher by 62.7% than the export in February when it was very low at 1,994 thousand tons. With the increase of price and volume,\u00a0 the export value in March 2021 was predicted to reach around US$ 3.74 billion or 80% higher than the projection of export value in February at US$2.08 billion.<\/p>\n Local consumption reached 1,599 thousand tons, which was slightly lower than that in February at 1,604 thousand tons. The consumption of palm oil for biodiesel dropped (-0,5%) to 625 thousand tons from 635 thousand tons in February, consumption of oleochemical also dropped (-3,4%) to 168 thousand tons from 174 thousand tons. Year on year (YoY) as of March 2021, the local consumption was higher by 3.8% compared to that of 2020.<\/p>\n Indonesia\u2019s production of palm oil in March 2021 increased by more than 20% to 3,712 thousand tons. The very high increase was resulted from the overflow of production in February when production amounted to 3,079 thousand tons, or 10% lower than that in January. But year on year (YoY) as of March 2021, crude palm oil (CPO) production was higher by \u00a01.6%.<\/p>\n The production increase in March at 633 thousand tons was lower than the increase of export and local consumption, which were all estimated to reach around 1.4 million tons. Such condition caused the final stock by year end to decrease from 4.02 million tons to 3.20 million tons.<\/p>\n The meteoroloy, climatology and geophysics board (BMKG) forecasted that dry season will start in April 2021. Growers need to anticipate and watch out the possibilities of fires in order to secure their production.<\/p>\n
\nIndonesian Palm Oil Association (IPOA)<\/strong><\/p>\n
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