# Malaysian palm settles higher for fifth straight session - Markets - Business Recorder

> Malaysian palm oil futures settled higher for a fifth straight session on December 20. The gain followed Brazil's decision to raise its mandatory biodiesel blend from early next year, and Argentina's plan to hike export taxes on soybean oil and meal. Indonesian October palm exports fell 31% year on year.

- Date: 2023-12-20 · published 2023-12-20T12:00:00.000Z
- Category: policy · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/32801-malaysian-palm-settles-higher-for-fifth-straight-session-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A higher Brazilian biodiesel mandate could reduce Brazil's soyoil exports, lifting palm demand. Argentina's export tax proposal also supports vegetable oil prices, while meal export taxes tighten soymeal supply.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 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 | 2024-10-21 | [Palm opens higher, buoyed by stronger crude, Chicago soyoil - Markets - Business Recorder](https://feedsoft.ai/events/11149-palm-opens-higher-buoyed-by-stronger-crude-chicago-soyoil-markets-business.md) | +1.7% | +13.5% |
| 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% |
| PALMOIL | 2021-08-27 | [Indonesia Sept crude palm oil export reference price, export tax set higher - Markets - Business Recorder](https://feedsoft.ai/events/45440-indonesia-sept-crude-palm-oil-export-reference-price-export-tax-set-higher.md) | -1.4% | +1.9% |
| 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 | 2024-10-21 | [Palm opens higher, buoyed by stronger crude, Chicago soyoil - Markets - Business Recorder](https://feedsoft.ai/events/11149-palm-opens-higher-buoyed-by-stronger-crude-chicago-soyoil-markets-business.md) | +5.1% | +13.4% |
| SBO | 2024-10-24 | [Palm oil futures hits highest level in over two years - Markets - Business Recorder](https://feedsoft.ai/events/27954-palm-oil-futures-hits-highest-level-in-over-two-years-markets-business-recorder.md) | +2.3% | +4.4% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40279688

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