# Palm falls to new low on weaker rival oils, negative export data - Markets - Business Recorder

> Malaysian palm oil futures fell 5.82% to 3,205 ringgit per tonne on May 31, 2023, a new low for the year and lowest since November 2020. Malaysia's May exports fell 0.8% from April according to Intertek, while AmSpec reported a 1.8% decline. Indonesia set its June 1-15 CPO reference price at $811.68 per tonne, lowering its export tax.

- Date: 2023-05-31 · published 2023-05-31T12:00:00.000Z
- Category: trade · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/7319-palm-falls-to-new-low-on-weaker-rival-oils-negative-export-data-markets
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Weaker May export data and lower rival oilseed prices add bearish pressure on palm and soy oil, which compete for feed-fat demand. Lower Indonesian export taxes slightly support export flows.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2023-06-01 | 1 | -8.4% | -4.3 | Futures fell 5.82% to a multi-year low on May 31 on weaker rival oils and negative May export data, a demand and sentiment shock that is the main driver of the move ending June 1. |
| PALMOIL | 2023-05-31 | 1 | -8.4% | -4.5 | Palm futures hit a multi-year low on May 31 as rival oils weakened and May exports fell 0.8-1.8% (demand), directly describing the day's sell-off. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2020-08-25 | [Palm ends at 4-week low on soft August export data, firmer ringgit - Markets - Business Recorder](https://feedsoft.ai/events/51733-palm-ends-at-4-week-low-on-soft-august-export-data-firmer-ringgit-markets.md) | +0.1% | +8.9% |
| PALMOIL | 2021-07-22 | [Palm oil ends lower tracking weaker soy prices, declining export pace - Markets - Business Recorder](https://feedsoft.ai/events/46162-palm-oil-ends-lower-tracking-weaker-soy-prices-declining-export-pace-markets.md) | +1.4% | +6.9% |
| PALMOIL | 2024-02-02 | [Palm falls 1% on India efforts to cut edible oil imports - Markets - Business Recorder](https://feedsoft.ai/events/31765-palm-falls-1-on-india-efforts-to-cut-edible-oil-imports-markets-business.md) | +0.6% | +3.9% |
| PALMOIL | 2021-05-31 | [Palm oil falls 2pc as export pace slows, Indonesia taxes weigh - Markets - Business Recorder](https://feedsoft.ai/events/46982-palm-oil-falls-2pc-as-export-pace-slows-indonesia-taxes-weigh-markets-business.md) | -2.0% | -12.6% |
| PALMOIL | 2025-03-04 | [Palm tumbles on weaker Dalian oils, Sino-US tariff war - Markets - Business Recorder](https://feedsoft.ai/events/11143-palm-tumbles-on-weaker-dalian-oils-sino-us-tariff-war-markets-business-recorder.md) | +0.8% | +0.3% |
| SBO | 2021-07-22 | [Palm oil ends lower tracking weaker soy prices, declining export pace - Markets - Business Recorder](https://feedsoft.ai/events/46162-palm-oil-ends-lower-tracking-weaker-soy-prices-declining-export-pace-markets.md) | +0.7% | -3.5% |
| SBO | 2024-02-02 | [Palm falls 1% on India efforts to cut edible oil imports - Markets - Business Recorder](https://feedsoft.ai/events/31765-palm-falls-1-on-india-efforts-to-cut-edible-oil-imports-markets-business.md) | +2.4% | -1.2% |
| SBO | 2025-03-04 | [Palm tumbles on weaker Dalian oils, Sino-US tariff war - Markets - Business Recorder](https://feedsoft.ai/events/11143-palm-tumbles-on-weaker-dalian-oils-sino-us-tariff-war-markets-business-recorder.md) | -1.2% | +5.5% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40245242

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