Soy, Palm Oil Prices Vault to New Record Highs amid Black Sea Crisis

Soy, Palm Oil Prices Vault to New Record Highs amid Black Sea Crisis

Soy, Palm Oil Prices Vault to New Record Highs amid Black Sea Crisis

Global edible oil prices stormed to new all-time highs on Tuesday, as the war between Ukraine and Russia escalated, stoking fears of supply shortfalls and driving technical buying. Benchmark soybean oil futures in Chicago finished 3.7 percent higher (May contract +369 basis points per pound). With the recent rally, oil share has climbed above 45 percent, its highest level since the end of 2021. The most actively traded palm oil futures contract in Malaysia ended 7.35 percent higher at 6,762 ringgit (May contract +463 ringgit per tonne), with a rebound in February exports also underpinning gains. Cargo surveyor data for February suggested Malaysian palm oil shipments increased nine percent from the month prior.

Energy prices surged to their highest levels since 2014, which was also bullish for vegetable oil markets. West Texas Intermediate (WTI) crude oil futures jumped eight percent…

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