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During Q2 2023, palm oil prices in North America followed the market trends of Asia Pacific. At the start of Q2, palm oil prices increased throughout the region. The main reason for this was the temporary export ban imposed on exporting nations, mainly Indonesia, prior to Ramzan, which impacted the supply of cooking oil in the country. Domestic suppliers and traders, however, were purchasing as much as possible as they feared a shortage. On the other hand, after April, prices decreased significantly and ended Q2 on a negative note. Imports from Indonesia fell during May, but refiners, traders, and suppliers managed to buy more from other nations, including Malaysia. Refiners, traders, and suppliers were able to purchase more palm oil from other countries, including Malaysia. In addition, the earlier decrease in imports and the price correction in June encouraged buyers to buy more palm oil in June. Buyers tend to prefer palm oil as it is more affordable at a lower rate than other oils. Palm oil continued to trade at a low cost compared to soybeans this month, partly due to higher Malaysian palm oil stocks.

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