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Indonesia scrapped its palm oil export levy for all palm oil products until Aug. 31, 2022, to boost exports and ease high inventories.
Finance Minister Sri Mulyani Indrawati said a progressive levy of $55 to $240 per tonne for crude palm oil would apply from Sept. 1.
Removing the levy lowers the cost of Indonesian exports, pulling more palm oil into world markets and supporting international palm and vegetable oil prices. The later progressive levy adds uncertainty for export pricing from September.
reuters.comJul 16, 2022After 548 past bullish policy events, Palm Oil 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, Soybean Oil 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.
