Indonesia to cut palm oil export levy to $175/mt if price goes over $1,000/mt

In Indonesia, Platts reports that in line with market expectations, the government has decided to cut the export levy on palm oil to $175 per metric ton from the current $255/mt if the price of palm oil goes over $1,000/ton. A date has not yet been set for the new policy, but expectations are that it will be implemented by the end of the month. With palm oil production expected to jump in the second half of the year, the excess supply will need to be exported, so the lower levy with help the country compete with Malaysia who has been more competitive recently.