On Friday, the country set a maximum for the last ten years the import duty on palm oil, according to UkrAgroConsult. The tariff on imports of crude palm oil was increased from 15% to 30% per ton, and refined from 25% to 40%. This measure will boost farmer sales of soybeans in the domestic market of the country. Just in October, the country imported 750 thousand tons of palm oil.

At the end of trading on Monday, the export price of Malaysian palm oil amounted to $ 650./ton or -2,7% for one trading session. For a month the price has already lost 5.5 percent. Additional pressure on the price has a slower pace of palm oil exports from Malaysia by results 1-20 November (-6,21% compared to the same period in October).

Photo: viversano.net