# UOB Kay Hian raises CPO forecast to RM4,200 per tonne in 2024 on tight supplies from Malaysia, Indonesia

> UOB Kay Hian raised its 2024 crude palm oil average selling price forecast to RM4,200 per tonne from RM4,000. The firm cut its 2023 production estimates for Malaysia by 800,000 tonnes and Indonesia by 300,000 tonnes, and trimmed global palm oil output by 2%.

- Date: 2023-07-27 · published 2023-07-27T12:00:00.000Z
- Category: report · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/35139-uob-kay-hian-raises-cpo-forecast-to-rm4-200-per-tonne-in-2024-on-tight-supplies
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Lower Malaysian and Indonesian output points to tighter palm oil supply extending into 2024, supporting higher prices. The note also flags heat and dryness risks to North American soybean and canola crops, which could lift related oilseed prices.

## Read by commodity

- SBO: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-01-05 | [Malaysian palm oil stocks forecast lower, keeping prices high in 2021 - Markets - Business Recorder](https://feedsoft.ai/events/4995-malaysian-palm-oil-stocks-forecast-lower-keeping-prices-high-in-2021-markets.md) | +1.3% | -10.0% |
| PALMOIL | 2024-01-11 | [Tight palm oil supplies to support prices in 2024: MPOB \| S&P Global](https://feedsoft.ai/events/32228-tight-palm-oil-supplies-to-support-prices-in-2024-mpob-s-and-p-global.md) | +1.5% | +0.2% |
| PALMOIL | 2024-06-14 | [Palm oil prices to find support at RM3,900 a tonne in June on tight supply, upsurge in exports](https://feedsoft.ai/events/29872-palm-oil-prices-to-find-support-at-rm3-900-a-tonne-in-june-on-tight-supply.md) | -0.4% | +0.2% |
| PALMOIL | 2025-08-27 | [Moody's lifts CPO range to RM3,800-RM4,200 per tonne on stronger demand \| The Star](https://feedsoft.ai/events/23424-moody-s-lifts-cpo-range-to-rm3-800-rm4-200-per-tonne-on-stronger-demand-the-star.md) | +1.1% | +0.8% |
| PALMOIL | 2023-03-27 | [Malaysia: Boost in demand for palm oil seen on supply recovery](https://feedsoft.ai/events/36955-malaysia-boost-in-demand-for-palm-oil-seen-on-supply-recovery.md) | +1.1% | -1.9% |
| SBO | 2026-05-21 | [USDA forecasts tighter soybean supplies](https://feedsoft.ai/events/19295-usda-forecasts-tighter-soybean-supplies.md) | -1.4% | -4.9% |
| SBO | 2023-03-27 | [Malaysia: Boost in demand for palm oil seen on supply recovery](https://feedsoft.ai/events/36955-malaysia-boost-in-demand-for-palm-oil-seen-on-supply-recovery.md) | -0.6% | -4.1% |
| SBO | 2024-02-07 | [W5 Palm Oil Update: Indonesia Forecasts 9.08% YoY Surge in Palm Oil Consumption in 2024, India to Bolster Domestic Oilseed Production](https://feedsoft.ai/events/15669-w5-palm-oil-update-indonesia-forecasts-9-08-yoy-surge-in-palm-oil-consumption.md) | +4.6% | -1.6% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/uob-kay-hian-raises-cpo-forecast-to-rm4200-per-tonne-in-2024-on-tight-supplies-from-malaysia-indonesia/

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