# CPO prices to rise to US$850/tonne or higher next year

> Market experts at the PIPOC congress forecast crude palm oil prices averaging about RM4,100 (US$871) per tonne in 2024, or around US$850 or higher. Flat global palm supply, El Niño-related yield losses, and continued Indonesian biodiesel demand under B35 underpin the outlook. The article notes the current El Niño is weaker than the 2015/16 event, with impacts likely in the second half of 2024.

- Date: 2023-12-01 · published 2023-12-01T12:00:00.000Z
- Category: weather · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/33279-cpo-prices-to-rise-to-us-850-tonne-or-higher-next-year
- 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

A forecast rise toward US$850 per tonne points to firmer palm oil costs for feed fat buyers next year. Biodiesel mandates and weather-driven yield risk support the price outlook.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2026-10-22 | [Palm oil prices to stay high next year on Southeast Asia drought](https://feedsoft.ai/events/523-palm-oil-prices-to-stay-high-next-year-on-southeast-asia-drought.md) | -0.4% | — |
| PALMOIL | 2019-01-02 | [CPO prices to gradually rise in 2019, stockpiles remain high in 1Q](https://feedsoft.ai/events/5588-cpo-prices-to-gradually-rise-in-2019-stockpiles-remain-high-in-1q.md) | +6.1% | +8.1% |
| PALMOIL | 2024-01-15 | [OCBC Research revises 2024 CPO price to average RM3,650 per tonne \| The Star](https://feedsoft.ai/events/32230-ocbc-research-revises-2024-cpo-price-to-average-rm3-650-per-tonne-the-star.md) | -0.2% | -1.4% |
| PALMOIL | 2024-05-31 | [SD Guthrie expects CPO prices to average above RM4,000 a tonne this year, says group COO \| Malay Mail](https://feedsoft.ai/events/8036-sd-guthrie-expects-cpo-prices-to-average-above-rm4-000-a-tonne-this-year-says.md) | +2.2% | +1.0% |
| PALMOIL | 2016-11-24 | [Lower palm oil output into early next year likely to support prices - The Business Times](https://feedsoft.ai/events/6694-lower-palm-oil-output-into-early-next-year-likely-to-support-prices-the.md) | +3.8% | +5.0% |
| SBO | 2016-11-24 | [Lower palm oil output into early next year likely to support prices - The Business Times](https://feedsoft.ai/events/6694-lower-palm-oil-output-into-early-next-year-likely-to-support-prices-the.md) | +2.1% | -5.6% |
| SBO | 2017-07-11 | [European biodiesel prices rise in line with higher rapeseed oil  : The Daily Digest](https://feedsoft.ai/events/70057-european-biodiesel-prices-rise-in-line-with-higher-rapeseed-oil-the-daily-digest.md) | -1.8% | -0.3% |
| SBO | 2020-11-25 | [Reduction in sowing areas of winter rape in Ukraine and the EU contributes to higher prices](https://feedsoft.ai/events/50258-reduction-in-sowing-areas-of-winter-rape-in-ukraine-and-the-eu-contributes-to.md) | -1.6% | +8.6% |

## Sources

- ofimagazine.com: https://www.ofimagazine.com/news/cpo-prices-to-rise-to-us-850-tonne-or-higher-next-year

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