# Palm rises on stronger soyoil, crude prices; set for second week of gains - Markets - Business Recorder

> Malaysian palm oil futures climbed more than 2% midday Friday to 4,830 ringgit a tonne, on track for a second weekly gain. Stronger soyoil and crude oil prices and Intertek's estimate of an 11.5% rise in October exports supported the contract.

- Date: 2024-11-01 · published 2024-11-01T12:00:00.000Z
- Category: market · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/4985-palm-rises-on-stronger-soyoil-crude-prices-set-for-second-week-of-gains-markets
- 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

Stronger soyoil and crude prices support palm as a biodiesel feedstock, keeping vegetable oil prices firm and supporting edible oil costs for feed formulators.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-10-31 | 1 | +9.2% | 8.1 | Midday report attributes the rally to stronger soyoil and crude oil and an 11.5% rise in October exports, demand and cross-commodity drivers. |
| PALMOIL | 2024-11-01 | 1 | +9.2% | 7.9 | Midday Nov 1 report attributing the gain to stronger soyoil and crude prices and the Intertek export estimate. |
| PALMOIL | 2024-11-04 | 5 | +9.9% | 4.2 | Midday Friday gains of over 2% on stronger soyoil and crude and Intertek's 11.5% export estimate show the demand and cross-commodity drivers in the final week. |
| PALMOIL | 2024-11-06 | 5 | +10.0% | 4.0 | Midday Nov 1 gains of over 2% on stronger soyoil and crude and an 11.5% rise in October exports show the cross-vegetable-oil and demand drivers behind the rally. |

## Sources

- brecorder.com: https://www.brecorder.com/news/40330191

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