# September 18

> Soybean oil futures had bottomed at $0.4620/lb on May 31 and recovered to $0.6338 by September 15. USDA has raised its 2023/24 soyoil price forecast from $0.60 to $0.63/lb.

- Date: 2023-09-18 · published 2023-09-18T12:00:00.000Z
- Category: weather · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/34204-september-18
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

El Niño-driven drought in palm oil producing regions could lift vegetable oil prices, so buyers may want to consider forward coverage for 2024.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2024-09-03 | [Market Report SEPTEMBER 2024 – Lipsa](https://feedsoft.ai/events/6157-market-report-september-2024-lipsa.md) | -2.7% | -0.9% |
| SBO | 2024-09-26 | [Sunflower Market Update - September 2024 - Seedea](https://feedsoft.ai/events/28428-sunflower-market-update-september-2024-seedea.md) | -1.9% | -0.7% |
| SBO | 2022-12-15 | [La Nina Pattern Continues Through December for South America](https://feedsoft.ai/events/38162-la-nina-pattern-continues-through-december-for-south-america.md) | -0.0% | -2.6% |
| SBO | 2021-11-29 | [La Nina Is Set to Deliver Drought to Argentina’s Soybean Crop - Bloomberg](https://feedsoft.ai/events/14070-la-nina-is-set-to-deliver-drought-to-argentina-s-soybean-crop-bloomberg.md) | -2.7% | -2.3% |
| SBO | 2024-10-21 | [Market Snapshot \| October 21, 2024 - Pro Farmer](https://feedsoft.ai/events/11151-market-snapshot-october-21-2024-pro-farmer.md) | +5.1% | +13.4% |
| PALMOIL | 2024-09-03 | [Market Report SEPTEMBER 2024 – Lipsa](https://feedsoft.ai/events/6157-market-report-september-2024-lipsa.md) | +3.9% | +7.1% |
| PALMOIL | 2018-09-10 | [WMO El Niño/La Niña Update (September 2018) - World \| ReliefWeb](https://feedsoft.ai/events/62947-wmo-el-nino-la-nina-update-september-2018-world-reliefweb.md) | -1.2% | -2.4% |
| PALMOIL | 2018-08-30 | [Seasonal climate outlook September - November 2018 \| Earth Sciences New Zealand \| NIWA](https://feedsoft.ai/events/63453-seasonal-climate-outlook-september-november-2018-earth-sciences-new-zealand-niwa.md) | +1.2% | -1.6% |

## Sources

- mktvsn.com: https://www.mktvsn.com/weekly-update/2023/9/18/september-18

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