Breaking News-RTRS-INTERVIEW-Malaysian palm stocks to rise despite Asian festivals

YOGYAKARTA, Indonesia May 31 (Reuters) - Malaysia palm oil stocks are set to recover in May and rise faster in the next three months as Asian consumers take up more soyoil that trades at par with the tropical oil, a senior official said on Monday.
Malaysian Palm Oil Board Director (MPOB) General Basri Wahid said palm oil stocks usually fall in the June-August period as top buyers India and the Middle East stock up for religious festivals from August starting from Ramandan fasting month.
But ample South American supplies of soyoil have made the normally expensive vegetable oil trade at same level as FOB palm olein seen at $810 for June delivery, prompting a switch of orders away from Malaysia, the No. 2 palm oil producer.
Also, India has record stocks of oilseeds for crushing, discouraging crude palm oil imports from top producer Indonesia as well as Malaysia.