# Palm oil ends lower on rising output - Markets - Business Recorder

> Malaysian palm oil futures closed lower on Monday, with the July contract down 31 ringgit to 3,617 ringgit per tonne. Traders cited rising Indonesian output, weak demand after Indonesia cut its export tax, and weaker crude, soyoil and Chicago soybean prices.

- Date: 2023-05-15 · published 2023-05-15T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/15731-palm-oil-ends-lower-on-rising-output-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Higher palm output and a cheaper Indonesian export tax add supply pressure that pulls palm and related vegetable oil prices lower. Forecasts of record US soybean and corn crops point to further weakness in those grains.

## Read by commodity

- SBO: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- PALMOIL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2023-05-15 | 5 | -9.3% | -3.2 | On May 15 palm oil fell on rising Indonesian output and weak demand, and weaker soyoil and crude weighed on vegoils, so the pressure carried across competing oils. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40242304

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