Malaysian palm oil futures traded below RM3,400 a tonne, the lowest level since early February, dragged down by a drop in exports and Indonesia’s plan to revise export tax. Indonesia’s authorities intend to cut their crude palm oil export levy, leading to more competition to gain export market shares and likely pressuring prices. Last week, palm oil declined 6.5% after India put on hold a proposal to reduce import taxes on edible oils. Elsewhere, Malaysia maintained its July export tax for crude palm oil at 8%. Bearish momentum in Chicago Board of Trade soy oil futures also weighed, due to worries over a possible reduction in biodiesel production in US. The palm oil market rallied to an all-time record of RM4,506 a tonne on May 12th amid tight global edible oil supplies and a shortage of migrant workers on Malaysia’s plantations due to a prolonged freeze on hiring by the government due to Covid-19.