# Palm oil will rise in price in the second half of the year – forecast

> A Bloomberg survey of 30 traders, analysts and plantation executives forecasts Malaysian palm oil futures could climb about 10% to 4,000 ringgit a ton over the next six months. Respondents cite a US drought and an intensifying El Niño curbing world edible oil supply, though the median low estimate was 3,200 ringgit.

- Date: 2023-06-27 · published 2023-06-27T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35580-palm-oil-will-rise-in-price-in-the-second-half-of-the-year-forecast
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Expected El Niño dryness in Southeast Asia and US drought tighten vegetable oil supply, supporting palm and competing oil prices. Biofuel quota disappointment and a record Brazilian soybean crop are the main bearish offsets.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2023-12-06 | [How long will the El Nino last? Latest official forecasts - Grain Price News](https://feedsoft.ai/events/32486-how-long-will-the-el-nino-last-latest-official-forecasts-grain-price-news.md) | -1.3% | -3.3% |
| PALMOIL | 2020-04-08 | [Continues the speculative rise in prices for soybean and sunflower oil](https://feedsoft.ai/events/53736-continues-the-speculative-rise-in-prices-for-soybean-and-sunflower-oil.md) | -0.9% | -14.1% |
| 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 | 2023-07-11 | [Palm oil price trends – The effect of extreme weather - Fastmarkets](https://feedsoft.ai/events/35142-palm-oil-price-trends-the-effect-of-extreme-weather-fastmarkets.md) | +1.3% | -0.5% |
| PALMOIL | 2024-10-24 | [Palm oil reaches highest since 2022, adding to food price risks](https://feedsoft.ai/events/27955-palm-oil-reaches-highest-since-2022-adding-to-food-price-risks.md) | +0.5% | +9.7% |
| SBO | 2020-04-08 | [Continues the speculative rise in prices for soybean and sunflower oil](https://feedsoft.ai/events/53736-continues-the-speculative-rise-in-prices-for-soybean-and-sunflower-oil.md) | -3.4% | -7.1% |
| SBO | 2025-06-17 | [Rapeseed and canola prices continue to rise amid rising oil prices and declining harvest forecasts](https://feedsoft.ai/events/24336-rapeseed-and-canola-prices-continue-to-rise-amid-rising-oil-prices-and.md) | -3.8% | -1.6% |
| SBO | 2023-04-19 | [Soybean and soybean oil prices are rising amid another cut in Argentina’s crop forecasts](https://feedsoft.ai/events/36470-soybean-and-soybean-oil-prices-are-rising-amid-another-cut-in-argentina-s-crop.md) | -2.8% | -13.5% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/palm-oil-will-rise-in-price-in-the-second-half-of-the-year-forecast/

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