# Palm extends losses over soybean oil and lower US biofuel mandate - Markets - Business Recorder

> Malaysian palm oil futures fell for a third session on June 22 to 3,569 ringgit a ton after Chicago soybean oil dropped sharply, with soyoil settling limit down. The US raised biofuel blending volumes over three years, but the increase was below what the biofuel industry wanted, and Malaysia kept its July crude palm oil export tax at 8%.

- Date: 2023-06-22 · published 2023-06-22T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/35581-palm-extends-losses-over-soybean-oil-and-lower-us-biofuel-mandate-markets
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Lower-than-expected US biofuel mandates reduce expected demand for soybean oil and palm oil used in biodiesel, pressuring vegetable oil prices. Weaker palm oil exports in June add to the bearish supply-demand picture.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-06-14 | [Palm extends fall to hit over 4-month low on cheaper US soyoil - Markets - Business Recorder](https://feedsoft.ai/events/10807-palm-extends-fall-to-hit-over-4-month-low-on-cheaper-us-soyoil-markets-business.md) | -3.6% | +0.1% |
| PALMOIL | 2023-04-28 | [Palm oil slumps to over 6-month low - Markets - Business Recorder](https://feedsoft.ai/events/4387-palm-oil-slumps-to-over-6-month-low-markets-business-recorder.md) | -9.7% | -7.7% |
| PALMOIL | 2025-01-02 | [Palm oil ends lower after news on Indonesia’s B40 delay - Markets - Business Recorder](https://feedsoft.ai/events/5046-palm-oil-ends-lower-after-news-on-indonesia-s-b40-delay-markets-business.md) | -10.6% | -10.3% |
| PALMOIL | 2022-04-01 | [Palm falls 3pc as India extends stock limit - Markets - Business Recorder](https://feedsoft.ai/events/5914-palm-falls-3pc-as-india-extends-stock-limit-markets-business-recorder.md) | -8.9% | -1.8% |
| PALMOIL | 2023-04-28 | [Palm oil logs sharpest monthly loss in seven months - Markets - Business Recorder](https://feedsoft.ai/events/4381-palm-oil-logs-sharpest-monthly-loss-in-seven-months-markets-business-recorder.md) | -9.7% | -7.7% |
| SBO | 2021-06-14 | [Palm extends fall to hit over 4-month low on cheaper US soyoil - Markets - Business Recorder](https://feedsoft.ai/events/10807-palm-extends-fall-to-hit-over-4-month-low-on-cheaper-us-soyoil-markets-business.md) | -10.4% | -11.7% |
| SBO | 2023-04-28 | [Palm oil slumps to over 6-month low - Markets - Business Recorder](https://feedsoft.ai/events/4387-palm-oil-slumps-to-over-6-month-low-markets-business-recorder.md) | -1.7% | -8.4% |
| SBO | 2021-08-25 | [Palm oil falls - Markets - Business Recorder](https://feedsoft.ai/events/45655-palm-oil-falls-markets-business-recorder.md) | -1.4% | -5.7% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40249254

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