# Palm Oil News - DeliNua

> Palm oil closed at its highest level since late July on concerns that dry weather and aging trees will hurt Indonesian output. Industry groups forecast production flat to 5% lower year on year, after earlier predicting a rise. Soybean oil prices also provided support.

- Date: 2024-09-02 · published 2024-09-02T12:00:00.000Z
- Category: weather · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/6159-palm-oil-news-delinua
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Lower Indonesian output, the world's largest palm producer, tightens global vegetable oil supply and supports prices. Stronger soybean oil adds further support as a substitute.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-09-02 | 1 | +4.1% | 5.9 | On 2024-09-02 palm closed at its highest since late July on dry weather and aging-tree concerns, with output forecast flat to 5% lower and soyoil support, directly explaining the jump. |
| PALMOIL | 2024-09-03 | 1 | +4.1% | 5.4 | Concerns that dry weather and aging trees will cut Indonesian output (flat to 5% lower) pushed palm to a multi-week high, a direct supply-side driver heading into the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2025-06-28 | [Palm Oil News - CPO Prices Fluctuate Due to Global Market Uncertainty](https://feedsoft.ai/events/24319-palm-oil-news-cpo-prices-fluctuate-due-to-global-market-uncertainty.md) | +2.5% | +5.5% |
| PALMOIL | 2021-12-29 | [Palm Oil Bulls to Roar Into 2022 on Labor Crunch, La Nina Deluge - Bloomberg](https://feedsoft.ai/events/43692-palm-oil-bulls-to-roar-into-2022-on-labor-crunch-la-nina-deluge-bloomberg.md) | +4.3% | +11.2% |
| 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 | 2024-04-22 | [Malaysian palm oil up - Markets - Business Recorder](https://feedsoft.ai/events/15656-malaysian-palm-oil-up-markets-business-recorder.md) | -0.0% | -4.8% |
| PALMOIL | 2019-08-20 | [Indonesian planters see drought hitting palm oil output](https://feedsoft.ai/events/57678-indonesian-planters-see-drought-hitting-palm-oil-output.md) | +1.6% | +4.4% |
| SBO | 2024-04-22 | [Malaysian palm oil up - Markets - Business Recorder](https://feedsoft.ai/events/15656-malaysian-palm-oil-up-markets-business-recorder.md) | +0.6% | +2.3% |
| SBO | 2017-12-06 | [La Nina heavy rainfall to lift palm oil prices \| Borneo Post Online](https://feedsoft.ai/events/67566-la-nina-heavy-rainfall-to-lift-palm-oil-prices-borneo-post-online.md) | -0.1% | +1.0% |
| SBO | 2017-07-21 | [Palm oil demand up as dry U.S. weather seen hurting rival soy crops](https://feedsoft.ai/events/70055-palm-oil-demand-up-as-dry-u-s-weather-seen-hurting-rival-soy-crops.md) | -0.4% | -2.2% |

## Sources

- delinua.com: https://delinua.com/2024/09/02/palm-oil-news-10/

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