# Palm falls further on weaker rival oils, rising supply - Markets - Business Recorder

> Malaysian palm oil futures fell on Wednesday, extending losses for a second session. Weaker rival oils and higher output from peninsular mills weighed on prices, and Malaysia kept its September crude palm oil export tax at 8%.

- Date: 2023-08-23 · published 2023-08-23T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/34679-palm-falls-further-on-weaker-rival-oils-rising-supply-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Rising mill output and softer competing oils add supply pressure that tends to push palm prices lower.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40259383

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