
Malaysia kept its crude palm oil export tax at the maximum 8% for August 2023 while raising the reference price to MYR3,614.28/tonne from MYR3,604.73. The resulting payable duty rose to MYR289.14/tonne.
Indonesia also raised its CPO reference price for 16-31 July, narrowing the duty discount against Malaysian products.
Higher Indonesian duties and a narrower price discount support Malaysian palm exports and firm palm oil prices, which lend support to soybean oil and competing vegetable oils.
After 548 past bullish policy events, PALMOIL moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 842 past bullish policy events, SBO moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% 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.