# Palm oil rebounds on severe rain concerns, Chinese demand - Markets - Business Recorder

> Malaysian palm oil futures rose 1.15% to a two-month high of 3,949 ringgit per tonne on Jan 23. The gain followed warnings of severe rain in Indonesia and Malaysia and steady Chinese demand, while Malaysia kept its February crude palm oil export tax at 8%.

- Date: 2024-01-23 · published 2024-01-23T12:00:00.000Z
- Category: weather · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/32229-palm-oil-rebounds-on-severe-rain-concerns-chinese-demand-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Heavy rain threatens palm output in the two largest producers, which tightens supply and supports palm oil and related vegetable oil prices.

## Read by commodity

- SBO: neutral
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-10-25 | [Palm rebounds on tight supply concerns, rival oil strength - Markets - Business Recorder](https://feedsoft.ai/events/44664-palm-rebounds-on-tight-supply-concerns-rival-oil-strength-markets-business.md) | +0.3% | +1.2% |
| PALMOIL | 2020-07-21 | [Palm oil bounces back, hovers near 5-month high on supply concerns - Markets - Business Recorder](https://feedsoft.ai/events/52202-palm-oil-bounces-back-hovers-near-5-month-high-on-supply-concerns-markets.md) | +0.4% | +8.7% |
| PALMOIL | 2026-07-23 | [Malaysian palm oil closes higher on supply squeeze concerns - Markets - Business Recorder](https://feedsoft.ai/events/18444-malaysian-palm-oil-closes-higher-on-supply-squeeze-concerns-markets-business.md) | +0.4% | +4.5% |
| PALMOIL | 2020-10-06 | [Palm oil jumps over 3pc - Markets - Business Recorder](https://feedsoft.ai/events/50743-palm-oil-jumps-over-3pc-markets-business-recorder.md) | +7.8% | +8.5% |
| PALMOIL | 2024-04-22 | [Malaysian palm oil up - Markets - Business Recorder](https://feedsoft.ai/events/15656-malaysian-palm-oil-up-markets-business-recorder.md) | -0.0% | -4.8% |
| SBO | 2022-10-21 | [Palm oil prices seen ticking up as rains slash output and demand strengthens \| Reuters](https://feedsoft.ai/events/15781-palm-oil-prices-seen-ticking-up-as-rains-slash-output-and-demand-strengthens.md) | +2.8% | +3.9% |
| SBO | 2023-06-29 | [Soybean oil supply and demand: Scott Gerlt comments - Fastmarkets](https://feedsoft.ai/events/15304-soybean-oil-supply-and-demand-scott-gerlt-comments-fastmarkets.md) | +8.3% | +13.9% |
| SBO | 2025-06-04 | [Global Vegetable Oil Markets Face Tariff, Weather Turbulence](https://feedsoft.ai/events/10951-global-vegetable-oil-markets-face-tariff-weather-turbulence.md) | +1.8% | +11.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40285271

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