Palm oil inventories in Malaysia, the world’s second-biggest grower, likely shrank to the smallest in 10 months in May as overseas shipments rose on festive demand. Stockpiles fell about 10% from April to 2.46 million metric tons, which would be the steepest monthly decline since August 2016, according to the median of eight estimates in a Bloomberg survey of analysts, traders and plantation executives. That would bring stockpiles to the lowest level since July. Crude palm oil production eased 1.8% to 1.62 million tons, the lowest since February, while exports rose 3.6% to 1.71 million tons...