Palm oil stockpiles in Malaysia surprisingly climbed in April after shrinking for five months as production in the world’s second-biggest grower swelled more than expected and exports declined.

Inventories advanced 1.9% from a month earlier to 1.74 million tons, according to data released by the Malaysian Palm Oil Board on Friday. That’s above estimates in a Bloomberg survey last week that predicted inventories to drop to a one-year low of 1.63 million tons.

“The report is slightly bearish as stockpiles and production were higher than market estimates,” said Anilkumar Bagani, head of research at Mumbai-based Sunvin Group. But that’s being priced in as prices have recently fallen, he said.

Crude palm oil output increased 7.9% to 1.50 million tons, higher than the earlier estimate of 1.45 million tons. Exports, meanwhile, fell 7% to 1.23 million tons, against the forecast of 1.21 million.

Palm oil could attract some bargain buying if it dips below 3,690 ringgit ($779) a ton, especially given that inventories in top producers Indonesia, Malaysia and Thailand are still relatively low, and China may replenish its palm oil stocks, Bagani said.