# Palm oil prices at 10-month high as tight supplies coincide with Red Sea delays

> Physical palm oil prices in Indonesia rose to a 10-month high of $986/mt on March 15, 2024, as seasonally low Southeast Asian output coincided with a spurt in Indian demand. India was covering for sunflower oil shipments delayed by the Red Sea shipping crisis. Spot palm oil prices are up about 20% since the start of the year.

- Date: 2024-03-15 · published 2024-03-15T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31285-palm-oil-prices-at-10-month-high-as-tight-supplies-coincide-with-red-sea-delays
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Tight seasonal supply plus rerouted Indian buying lifts palm prices and narrows the premium gap with soyoil and sunflower oil. Feed buyers face higher vegetable oil and meal-complement costs.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/agriculture/031524-palm-oil-prices-at-10-month-high-as-tight-supplies-coincide-with-red-sea-delays

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