# VEGOILS-Palm gains over 2%, tracks soyoil rally on Biden’s green fuel boost | CNBC Africa

> Malaysian palm oil futures rose over 2% on Tuesday, extending gains for a second session as they tracked a soyoil rally driven by President Biden's green energy push. The benchmark June contract settled at 3,930 ringgit per tonne, though higher seasonal production capped gains. Traders said the market would take its cues from soyoil in the coming days.

- Date: 2021-03-23 · published 2021-03-23T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/8506-vegoils-palm-gains-over-2-tracks-soyoil-rally-on-biden-s-green-fuel-boost-cnbc
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Palm oil is tracking soyoil through biofuel-driven demand, so palm prices are likely to stay tied to U.S. policy signals and to seasonal output gains that limit the upside.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2021-03-22 | 1 | +5.2% | 3.8 | Palm oil tracked the soyoil rally on Biden's green fuel push, indicating that biofuel policy sentiment helped drive soyoil, though the article comes from the day after the move. |

## Sources

- cnbcafrica.com: https://www.cnbcafrica.com/2021/vegoils-palm-gains-over-2-tracks-soyoil-rally-on-bidens-green-fuel-boost

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