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Malaysian palm oil futures rose 3.3 percent to a four-month high on July 24, 2023, after Russia reportedly attacked Ukrainian port and Danube grain facilities. Soyoil also gained on the Chicago Board of Trade.
Threats to Ukrainian grain and oilseed exports from the Black Sea tighten global vegetable oil and grain supplies, supporting palm oil prices.
brecorder.comReutersJul 24, 2023After 62 past bullish geopolitics events, Palm Oil moved a median +2.5% over 5 sessions (74% higher; middle half -0.1% to +5.8%), and +4.0% over 20.
After 110 past bullish geopolitics events, Soybean Oil moved a median +1.8% over 5 sessions (65% higher; middle half -0.7% to +3.6%), and -0.4% over 20.
After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Palm oil hit a four-month high on the Ukraine port attacks, and soyoil gained alongside it on CBOT through vegetable oil substitution and sentiment spillover.
