# Palm oil price to stay high amid tighter soybean market, say analysts

> Analysts said crude palm oil prices should stay above RM3,400 a tonne for the rest of the year. The forecast cites lower US soybean output from the USDA acreage report and El Niño weather affecting oilseed and oil palm crops. Palm reached its highest level since March on July 3.

- Date: 2023-07-03 · published 2023-07-03T12:00:00.000Z
- Category: report · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/6546-palm-oil-price-to-stay-high-amid-tighter-soybean-market-say-analysts
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Reduced US soybean supply and El Niño dryness both tighten vegetable oil supply, which keeps palm prices firm. A weaker ringgit adds support in ringgit terms.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2023-07-03 | 1 | +11.9% | 4.9 | Analysts tie palm's July 3 high to lower US soybean output and El Niño risk, reinforcing sentiment, but it is commentary rather than the trigger. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2023-07-05 | [Palm Oil Surges To Highest Since March After US Slashes Soy Area - MPOC](https://feedsoft.ai/events/6543-palm-oil-surges-to-highest-since-march-after-us-slashes-soy-area-mpoc.md) | -2.1% | +0.8% |
| PALMOIL | 2021-01-05 | [Palm oil hits 10-year high - Markets - Business Recorder](https://feedsoft.ai/events/4999-palm-oil-hits-10-year-high-markets-business-recorder.md) | +1.3% | -10.0% |
| 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 | 2026-02-04 | [Palm oil tracks Dalian rivals higher - Markets - Business Recorder](https://feedsoft.ai/events/4663-palm-oil-tracks-dalian-rivals-higher-markets-business-recorder.md) | -1.6% | -0.6% |
| 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% |
| SOY | 2023-07-05 | [Palm Oil Surges To Highest Since March After US Slashes Soy Area - MPOC](https://feedsoft.ai/events/6543-palm-oil-surges-to-highest-since-march-after-us-slashes-soy-area-mpoc.md) | -2.7% | -7.4% |
| SOY | 2025-12-08 | [Tighter times ahead for the soybean market \| articles \| ING THINK](https://feedsoft.ai/events/21531-tighter-times-ahead-for-the-soybean-market-articles-ing-think.md) | -2.6% | -5.7% |
| SOY | 2026-08-03 | [US soybean oil use for biofuels production hits record high in May - Fastmarkets](https://feedsoft.ai/events/14999-us-soybean-oil-use-for-biofuels-production-hits-record-high-in-may-fastmarkets.md) | -1.0% | +7.3% |

## Sources

- theedgemalaysia.com: https://theedgemalaysia.com/node/673366

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