# Crude palm oil at 30-month low, global container rate continue to fall

> Malaysian crude palm oil settlement fell to a 30-month low of 3,201 ringgit per tonne on May 31, 2023, averaging 3,508 ringgit in May after 4,170 in November 2022. The USDA May Oilseeds Report projected record 2023/24 global oilseed output of 672 million tons, with soybean production up 11%. Global oilseed consumption is also forecast to rise 4%.

- Date: 2023-06-02 · published 2023-06-02T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7322-crude-palm-oil-at-30-month-low-global-container-rate-continue-to-fall
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Forecast record oilseed supply, led by South American soybeans, outpacing demand growth weighs on vegetable oil prices and feed-fat costs. Rising Chinese import demand and Argentine crush recovery partly offset the bearish supply outlook.

## Read by commodity

- SBO: bearish ▼
- SOY: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2020-06-16 | [FAO vegetable oil price index falls to eight-month low - Renewable Carbon News](https://feedsoft.ai/events/52705-fao-vegetable-oil-price-index-falls-to-eight-month-low-renewable-carbon-news.md) | +3.0% | +5.3% |
| PALMOIL | 2018-04-14 | [Global Palm Oil Prices To Plummet Due To Over-Supply - Brand Spur](https://feedsoft.ai/events/65608-global-palm-oil-prices-to-plummet-due-to-over-supply-brand-spur.md) | +0.0% | -3.7% |
| PALMOIL | 2021-06-10 | [Palm oil falls to seven-week low on tepid June exports - Markets - Business Recorder](https://feedsoft.ai/events/10808-palm-oil-falls-to-seven-week-low-on-tepid-june-exports-markets-business-recorder.md) | -6.9% | -5.0% |
| PALMOIL | 2017-06-26 | [In 2017 global palm oil production will rise by 7 million tonnes.](https://feedsoft.ai/events/70589-in-2017-global-palm-oil-production-will-rise-by-7-million-tonnes.md) | +0.1% | +3.2% |
| PALMOIL | 2023-07-13 | [Palm oil falls over 2% on higher global edible oils output forecast - Markets - Business Recorder](https://feedsoft.ai/events/35140-palm-oil-falls-over-2-on-higher-global-edible-oils-output-forecast-markets.md) | +0.8% | -1.4% |
| SBO | 2020-06-16 | [FAO vegetable oil price index falls to eight-month low - Renewable Carbon News](https://feedsoft.ai/events/52705-fao-vegetable-oil-price-index-falls-to-eight-month-low-renewable-carbon-news.md) | +2.2% | +2.7% |
| SBO | 2023-07-13 | [Palm oil falls over 2% on higher global edible oils output forecast - Markets - Business Recorder](https://feedsoft.ai/events/35140-palm-oil-falls-over-2-on-higher-global-edible-oils-output-forecast-markets.md) | -2.4% | -2.6% |
| SBO | 2018-01-21 | [Vegetable oil prices decline to 5-month low  : The Daily Digest](https://feedsoft.ai/events/67047-vegetable-oil-prices-decline-to-5-month-low-the-daily-digest.md) | +1.6% | -2.3% |

## Sources

- megalac.com: https://www.megalac.com/market-report/crude-palm-oil-at-30-month-low-global-container-rate-continue-to-fall

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