# Palm oil up over news on Ukraine port attack - Markets - Business Recorder

> 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.

- Date: 2023-07-24 · published 2023-07-24T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/11937-palm-oil-up-over-news-on-ukraine-port-attack-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)

## Why it matters

Threats to Ukrainian grain and oilseed exports from the Black Sea tighten global vegetable oil and grain supplies, supporting palm oil prices.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2023-07-24 | 1 | +6.0% | 3.1 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-11-01 | [Palm oil surges nearly 5% on worries over Black Sea supplies - Markets - Business Recorder](https://feedsoft.ai/events/8072-palm-oil-surges-nearly-5-on-worries-over-black-sea-supplies-markets-business.md) | +13.1% | +9.0% |
| PALMOIL | 2022-02-23 | [Palm hits all-time high on supply concerns due to Ukraine crisis - Markets - Business Recorder](https://feedsoft.ai/events/42798-palm-hits-all-time-high-on-supply-concerns-due-to-ukraine-crisis-markets.md) | +15.0% | +10.6% |
| PALMOIL | 2022-10-31 | [Palm rises over 4% after Russia pulls out of Black Sea export corridor - Markets - Business Recorder](https://feedsoft.ai/events/8074-palm-rises-over-4-after-russia-pulls-out-of-black-sea-export-corridor-markets.md) | +11.7% | +9.1% |
| PALMOIL | 2026-07-24 | [Physical oil prices jump with some nearing $110 as Iran, Ukraine wars hit supply - Markets - Business Recorder](https://feedsoft.ai/events/11578-physical-oil-prices-jump-with-some-nearing-110-as-iran-ukraine-wars-hit-supply.md) | -0.2% | +3.0% |
| PALMOIL | 2024-10-04 | [Palm surges on Middle East conflict, records highest weekly gain in 16 months - Markets - Business Recorder](https://feedsoft.ai/events/7764-palm-surges-on-middle-east-conflict-records-highest-weekly-gain-in-16-months.md) | -0.1% | +2.7% |
| SBO | 2022-11-01 | [Palm oil surges nearly 5% on worries over Black Sea supplies - Markets - Business Recorder](https://feedsoft.ai/events/8072-palm-oil-surges-nearly-5-on-worries-over-black-sea-supplies-markets-business.md) | +4.0% | +0.2% |
| SBO | 2022-02-23 | [Palm hits all-time high on supply concerns due to Ukraine crisis - Markets - Business Recorder](https://feedsoft.ai/events/42798-palm-hits-all-time-high-on-supply-concerns-due-to-ukraine-crisis-markets.md) | +3.8% | -0.7% |
| SBO | 2022-10-31 | [Palm rises over 4% after Russia pulls out of Black Sea export corridor - Markets - Business Recorder](https://feedsoft.ai/events/8074-palm-rises-over-4-after-russia-pulls-out-of-black-sea-export-corridor-markets.md) | +3.1% | +0.8% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40254316

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