# Against the background of rising oil prices, palm and soybean oil prices rose, despite the absence of fundamental supporting factors

> Palm oil futures on Bursa Malaysia rose to 3,924 ringgit per tonne, about $824, as crude oil climbed around 2.5% during the week. Malaysian palm oil product exports fell 11.8-14.3% in February 1-25 versus January, while Indonesia's 2024 production is forecast to rise 5%.

- Date: 2024-02-28 · published 2024-02-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/31772-against-the-background-of-rising-oil-prices-palm-and-soybean-oil-prices-rose
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Crude oil gains lift vegetable oil prices through biofuel economics, but weak fundamentals such as higher output and lower exports cap the rally. Palm and soyoil prices may move with energy, though the supply pressure favors softer prices.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-12-16 | [Rising oil prices and import rates to India are supporting vegetable oil quotes](https://feedsoft.ai/events/38344-rising-oil-prices-and-import-rates-to-india-are-supporting-vegetable-oil-quotes.md) | -0.1% | +0.9% |
| PALMOIL | 2026-05-28 | [Palm Oil Prices Rise As Crude Oil Gains - Finimize](https://feedsoft.ai/events/19380-palm-oil-prices-rise-as-crude-oil-gains-finimize.md) | +3.1% | -2.0% |
| PALMOIL | 2016-12-05 | [The good oil on grain prices… - Grain Central](https://feedsoft.ai/events/73542-the-good-oil-on-grain-prices-grain-central.md) | +0.8% | +1.9% |
| PALMOIL | 2026-04-30 | [Ringgit closes lower on volatile oil prices \| The Star](https://feedsoft.ai/events/19961-ringgit-closes-lower-on-volatile-oil-prices-the-star.md) | +0.5% | -1.1% |
| PALMOIL | 2022-01-02 | [Palm oil prices to stay high as fertiliser costs limit output, says CPOPC \| The Star](https://feedsoft.ai/events/43231-palm-oil-prices-to-stay-high-as-fertiliser-costs-limit-output-says-cpopc-the.md) | +5.7% | +12.1% |
| SBO | 2022-12-16 | [Rising oil prices and import rates to India are supporting vegetable oil quotes](https://feedsoft.ai/events/38344-rising-oil-prices-and-import-rates-to-india-are-supporting-vegetable-oil-quotes.md) | +1.3% | -1.0% |
| SBO | 2020-03-13 | [Crude oil sell-offs see prices for palm oil decline \| Analysis & Features \| The Grocer](https://feedsoft.ai/events/54237-crude-oil-sell-offs-see-prices-for-palm-oil-decline-analysis-and-features-the.md) | -2.6% | +4.8% |
| SBO | 2016-12-05 | [The good oil on grain prices… - Grain Central](https://feedsoft.ai/events/73542-the-good-oil-on-grain-prices-grain-central.md) | -2.1% | -7.8% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/against-the-background-of-rising-oil-prices-palm-and-soybean-oil-prices-rose-despite-the-absence-of-fundamental-supporting-factors/

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