The MPOB May report was neutral to slightly bearish overall, with both production and export declines exceeding expectations, while domestic consumption growth was limited. This resulted in ending stocks higher than market expectations. Domestic palm oil inventories remain at a three-year high. Additionally, favorable profit margins for imports have led to a continued increase in purchase vessels, though the market reports some near-term washout trades, which warrant attention. The turning point for domestic spot fundamentals has not yet emerged, and market focus remains on Malaysian palm oil price trends.