# Palm drops more than 2% as Omicron variant worries weigh

> Malaysian palm oil futures fell more than 2% to their lowest in nearly two months on December 2, 2021, as Omicron variant concerns overshadowed a forecast of lower November output. SPPOMA estimated November production fell 6.8% from October. Indonesia's biodiesel blending target to 40% by 2024 was also noted.

- Date: 2021-12-02 · published 2021-12-02T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/5257-palm-drops-more-than-2-as-omicron-variant-worries-weigh
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Demand worries from Omicron lockdowns pressured vegetable oil prices, while lower Malaysian output provided limited support. Soyoil also declined on Dalian and CBOT, reflecting sector-wide pressure.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2021-12-02 | 5 | -8.9% | -3.3 | Palm fell over 2% to a near two-month low on Dec 2 on Omicron demand worries, directly adding to the 5-day decline. |

## Sources

- mettisglobal.news: https://mettisglobal.news/Palm-drops-more-than-2-as-Omicron-variant-worries-weigh

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