Malaysias palm oil stocks fell 6.69 percent month-on-month to 3 million tonnes in January, official data showed Monday.

Malaysian Palm Oil Board (MPOB) data showed that the production for crude palm oil (CPO) also dropped 3.9 percent month-on-month to 1.74 million tonnes.

CPO exports, however, surged 21.19 percent month-on-month to 1.68 million tonnes.

The CPO prices stood at RM2133 ringgit (about 524 U.S. dollars) per tonne as of February 8.

According to Malaysian research house CGS CIMB, the key factors to watch in February are the progress of the newly imposed B10 biodiesel mandate in Malaysia effective this month and palm oil exports to India following the cut in import duties.

The weather developments in South America soybean planting regions which could cut current soybean supply estimates and boost soybean prices are also in focus.