# Palm oil logs worst day in two weeks as rival oils drop - Markets - Business Recorder

> Malaysian palm oil futures fell 3.98% to 3,405 ringgit per tonne on May 30, 2023, their largest daily drop since May 16. The decline followed weakness in rival edible oils and oversupply worries. Dalian soyoil and palm contracts and Chicago soyoil also fell.

- Date: 2023-05-30 · published 2023-05-30T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/7320-palm-oil-logs-worst-day-in-two-weeks-as-rival-oils-drop-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Losses in rival edible oils and oversupply concerns weigh on vegetable oil prices, reducing the value of palm and soy oil as feed fat ingredients. The drop signals continued bearish sentiment in the oilseed complex.

## 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 | The 3.98% drop on May 30 on rival oil weakness and oversupply worries began the downward momentum that carried into the following sessions. |
| PALMOIL | 2023-05-31 | 1 | -8.4% | -4.5 | The prior day's 4% drop on rival oil weakness and oversupply worries set up downward momentum into May 31. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40244984
- brecorder.com: https://www.brecorder.com/news/40245097

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