# Palm oil futures hits highest level in over two years - Markets - Business Recorder

> Malaysian palm oil futures rose to their highest level in over two years on October 23, with the January contract gaining 2.28% to 4,486 ringgit a metric ton. Malaysia said it will raise the maximum crude palm oil export duty to 10% from November 1 for prices above 4,050 ringgit. Indonesia reaffirmed its plan for a 40% palm biodiesel blend (B40) from January.

- Date: 2024-10-24 · published 2024-10-24T12:00:00.000Z
- Category: policy · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/27954-palm-oil-futures-hits-highest-level-in-over-two-years-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

The export duty increase and the B40 mandate both tighten palm oil supply available for export, supporting prices and lifting competing vegetable oils such as soyoil. Higher palm and soyoil prices raise the cost of fats used in feed formulations.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2024-08-31 | [Malaysian palm oil futures log first monthly rise in three months - Markets - Business Recorder](https://feedsoft.ai/events/6163-malaysian-palm-oil-futures-log-first-monthly-rise-in-three-months-markets.md) | +3.9% | +7.1% |
| PALMOIL | 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) | +5.2% | +1.9% |
| PALMOIL | 2022-12-30 | [Palm oil posts annual loss after three years of gains - Markets - Business Recorder](https://feedsoft.ai/events/38332-palm-oil-posts-annual-loss-after-three-years-of-gains-markets-business-recorder.md) | +3.1% | +1.5% |
| PALMOIL | 2023-06-30 | [Palm rises on higher Indonesian export levy, weak ringgit - Markets - Business Recorder](https://feedsoft.ai/events/6549-palm-rises-on-higher-indonesian-export-levy-weak-ringgit-markets-business.md) | +8.5% | +13.1% |
| 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% |
| SBO | 2024-08-31 | [Malaysian palm oil futures log first monthly rise in three months - Markets - Business Recorder](https://feedsoft.ai/events/6163-malaysian-palm-oil-futures-log-first-monthly-rise-in-three-months-markets.md) | -1.8% | -0.3% |
| 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% |
| SBO | 2022-12-30 | [Palm oil posts annual loss after three years of gains - Markets - Business Recorder](https://feedsoft.ai/events/38332-palm-oil-posts-annual-loss-after-three-years-of-gains-markets-business-recorder.md) | -4.0% | -8.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40328638

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