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Indonesia's trade minister issued Regulation No. 662/2024 on 29 May 2024, cutting the crude palm oil export duty from 33 to 3 USD/MT and the plantation fund tariff from 90 to 75 USD/tonne. The changes took effect 1 June 2024 and were set to be revoked on 30 June 2024, after the CPO reference price reached USD 778.82/MT.
Lower export duties make Indonesian palm oil cheaper for overseas buyers, boosting export flows and pressuring global palm and vegetable oil prices, with some knock-on support for soybean oil as a substitute.
globaltradealert.orgMay 29, 2024After 399 past bearish policy events, PALMOIL moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% over 20.
After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
