# Palm ends 3% higher on stronger rivals, El Nino worries - Markets - Business Recorder

> Malaysian palm oil futures rose 3.39% to 3,390 ringgit per tonne on June 2, 2023, their highest daily gain in nearly a month, though the week still showed a 5% decline. Rival oils firmed, and El Niño concerns over hot, dry Asian weather and American drought supported buying interest.

- Date: 2023-06-02 · published 2023-06-02T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7324-palm-ends-3-higher-on-stronger-rivals-el-nino-worries-markets-business-recorder
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

El Niño-related dryness threatening Asian crops and US drought support vegetable oil and feed grain prices. The rebound partly reverses the week's losses, though the weekly trend remains lower.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2023-03-02 | [Palm ends at highest since Nov on flooding woes, weaker ringgit - Markets - Business Recorder](https://feedsoft.ai/events/36952-palm-ends-at-highest-since-nov-on-flooding-woes-weaker-ringgit-markets-business.md) | -0.0% | -5.3% |
| PALMOIL | 2020-10-23 | [Palm oil flat, logs 2pc weekly rise on supply worries - Markets - Business Recorder](https://feedsoft.ai/events/50739-palm-oil-flat-logs-2pc-weekly-rise-on-supply-worries-markets-business-recorder.md) | +0.7% | +14.3% |
| PALMOIL | 2021-01-21 | [Palm ends two-day decline as floods raise supply worries - Markets - Business Recorder](https://feedsoft.ai/events/49236-palm-ends-two-day-decline-as-floods-raise-supply-worries-markets-business.md) | +0.8% | -0.1% |
| PALMOIL | 2021-10-25 | [Palm rebounds on tight supply concerns, rival oil strength - Markets - Business Recorder](https://feedsoft.ai/events/44664-palm-rebounds-on-tight-supply-concerns-rival-oil-strength-markets-business.md) | +0.3% | +1.2% |
| PALMOIL | 2024-12-03 | [Palm oil rises on Malaysia floods, higher Indonesian export tax - Markets - Business Recorder](https://feedsoft.ai/events/27044-palm-oil-rises-on-malaysia-floods-higher-indonesian-export-tax-markets-business.md) | +3.9% | -2.2% |
| SBO | 2023-03-02 | [Palm ends at highest since Nov on flooding woes, weaker ringgit - Markets - Business Recorder](https://feedsoft.ai/events/36952-palm-ends-at-highest-since-nov-on-flooding-woes-weaker-ringgit-markets-business.md) | -0.9% | -7.6% |
| SBO | 2024-12-03 | [Palm oil rises on Malaysia floods, higher Indonesian export tax - Markets - Business Recorder](https://feedsoft.ai/events/27044-palm-oil-rises-on-malaysia-floods-higher-indonesian-export-tax-markets-business.md) | +3.7% | +0.7% |
| SBO | 2026-07-23 | [Malaysian palm oil closes higher on supply squeeze concerns - Markets - Business Recorder](https://feedsoft.ai/events/18444-malaysian-palm-oil-closes-higher-on-supply-squeeze-concerns-markets-business.md) | -6.7% | -3.6% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40245639

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