# Palm opens higher, buoyed by stronger crude, Chicago soyoil - Markets - Business Recorder

> Malaysian palm oil futures rose 0.8% to 4,290 ringgit per ton in early trade on October 21, after two sessions of declines. Support came from firmer crude oil and Chicago soyoil, while Malaysia plans to raise the windfall levy threshold and revise crude palm oil export duty.

- Date: 2024-10-21 · published 2024-10-21T12:00:00.000Z
- Category: policy · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/11149-palm-opens-higher-buoyed-by-stronger-crude-chicago-soyoil-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Stronger crude makes palm more attractive for biodiesel, and the planned export duty revision could affect Malaysian export flows and palm prices.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2024-10-21 | 1 | +3.3% | 3.3 | Dated on the move day (Oct 21), it reports firmer crude and Chicago soyoil lifting palm oil, which points to energy and vegoil-complex strength supporting soyoil futures. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-08-27 | [Indonesia Sept crude palm oil export reference price, export tax set higher - Markets - Business Recorder](https://feedsoft.ai/events/45440-indonesia-sept-crude-palm-oil-export-reference-price-export-tax-set-higher.md) | -1.4% | +1.9% |
| PALMOIL | 2022-12-19 | [Palm oil firms on higher crude prices, Indonesia’s plan to raise biofuel mandate - Markets - Business Recorder](https://feedsoft.ai/events/38333-palm-oil-firms-on-higher-crude-prices-indonesia-s-plan-to-raise-biofuel-mandate.md) | -0.6% | +1.5% |
| PALMOIL | 2021-03-17 | [Malaysia maintains April crude palm oil export duty at 8% - Markets - Business Recorder](https://feedsoft.ai/events/47980-malaysia-maintains-april-crude-palm-oil-export-duty-at-8-markets-business.md) | -0.1% | -7.0% |
| PALMOIL | 2023-12-20 | [Malaysian palm settles higher for fifth straight session - Markets - Business Recorder](https://feedsoft.ai/events/32801-malaysian-palm-settles-higher-for-fifth-straight-session-markets-business.md) | +0.4% | +2.1% |
| PALMOIL | 2024-10-24 | [Palm oil futures hits highest level in over two years - Markets - Business Recorder](https://feedsoft.ai/events/27954-palm-oil-futures-hits-highest-level-in-over-two-years-markets-business-recorder.md) | +0.5% | +9.7% |
| SBO | 2023-12-20 | [Malaysian palm settles higher for fifth straight session - Markets - Business Recorder](https://feedsoft.ai/events/32801-malaysian-palm-settles-higher-for-fifth-straight-session-markets-business.md) | -2.1% | -3.7% |
| SBO | 2024-10-24 | [Palm oil futures hits highest level in over two years - Markets - Business Recorder](https://feedsoft.ai/events/27954-palm-oil-futures-hits-highest-level-in-over-two-years-markets-business-recorder.md) | +2.3% | +4.4% |
| SBO | 2026-03-30 | [Palm futures hit 15-month high on Indonesia biodiesel plans, crude rally - Markets - Business Recorder](https://feedsoft.ai/events/20264-palm-futures-hit-15-month-high-on-indonesia-biodiesel-plans-crude-rally-markets.md) | +4.8% | +6.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40328176

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.