# Palm oil futures hit four-month high as Black Sea tensions escalate

> Malaysian palm oil futures closed up 3.9 percent at a four-month high on July 20, 2023. Russia said ships heading to Ukrainian Black Sea ports would be treated as possible military cargo carriers after the Black Sea grain corridor talks failed.

- Date: 2023-07-20 · published 2023-07-20T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/11938-palm-oil-futures-hit-four-month-high-as-black-sea-tensions-escalate
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Collapse of the Black Sea grain corridor raises shipping risk and supply uncertainty, supporting vegetable oil prices and feed costs.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-05-05 | [Black Sea tensions keep grain prices afloat](https://feedsoft.ai/events/7385-black-sea-tensions-keep-grain-prices-afloat.md) | -0.4% | -6.6% |
| SOY | 2025-10-23 | [Soybean, corn futures touch 1-month highs as crude oil soars — TradingView News](https://feedsoft.ai/events/22424-soybean-corn-futures-touch-1-month-highs-as-crude-oil-soars-tradingview-news.md) | +4.4% | +9.8% |
| SOY | 2022-03-10 | [Grains edge higher as hopes for Black Sea ceasefire fade – The Seam](https://feedsoft.ai/events/14046-grains-edge-higher-as-hopes-for-black-sea-ceasefire-fade-the-seam.md) | -2.2% | -4.0% |
| SOY | 2026-07-24 | [Grains Markets Hit New Highs on Black Sea Attacks, Crude Oil Rally](https://feedsoft.ai/events/18388-grains-markets-hit-new-highs-on-black-sea-attacks-crude-oil-rally.md) | -4.9% | -1.4% |
| SOY | 2025-12-02 | [Market Snapshot \| Black Sea tensions spur rally in grains - Pro Farmer](https://feedsoft.ai/events/11262-market-snapshot-black-sea-tensions-spur-rally-in-grains-pro-farmer.md) | -3.0% | -7.2% |
| PALMOIL | 2024-10-08 | [CO Futures Close Higher Amid Middle East Tensions, Crude Oil Rally – MPOC](https://feedsoft.ai/events/7765-co-futures-close-higher-amid-middle-east-tensions-crude-oil-rally-mpoc.md) | -0.9% | +10.5% |
| PALMOIL | 2022-02-23 | [Palm oil futures hit all-time high on bullish global energy, vegetable oil markets](https://feedsoft.ai/events/8760-palm-oil-futures-hit-all-time-high-on-bullish-global-energy-vegetable-oil.md) | +15.0% | +10.6% |
| PALMOIL | 2026-08-29 | [China's Palm, Soybean, and Rapeseed Oil Futures Rise; Crude Up Over 2% on Middle East Tensions \| Gate News](https://feedsoft.ai/events/10975-china-s-palm-soybean-and-rapeseed-oil-futures-rise-crude-up-over-2-on-middle.md) | +4.8% | +1.7% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/agriculture/072023-palm-oil-futures-hit-four-month-high-as-black-sea-tensions-escalate
- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/072023-palm-oil-futures-hit-four-month-high-as-black-sea-tensions-escalate

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