Malaysian palm oil futures plunged for a third session on May 31 and hit a new low due to weaker rival oils and negative export data in May.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 5.82% to 3,205 ringgit ($722.66) per tonne at closing.

The contract booked a third monthly drop on May 31 to close down 3.98% from 3,338 ringgit per tonne at the end of April.

The closing on May 31 was also the lowest since November 2020.

“FCPO prices extended losses and marked a new low for the year as seeing continuous weakness in rival oilseeds. Negative export data of May 1-31 coupled with further drop in soybean oil at noon invited fresh selling in the second session,” a Kuala Lumpur-based trader told Reuters.

Malaysia’s exports during May fell 0.8% from April, cargo surveyor Intertek Testing Services said on Wednesday. Another cargo surveyor, AmSpec Agri Malaysia, said exports fall 1.8%.

Indonesia has set its crude palm oil (CPO) reference price at $811.68 per tonne for the period of June 1-15. The new reference price would place CPO export tax at $33 per tonne and levy at $85, lower from the previous period.

Dalian’s most-active soyoil contract fell 3.88%, while its palm oil contract was down 4.87%. Soyoil prices on the Chicago Board of Trade dropped 2.1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.