# Petroleum's influence on crop prices increases | The Western Producer

> Rabobank analyst Owen Wagner said crude oil now strongly influences grain and oilseed prices through biofuel links, with soybean oil tracking WTI since 2006-07. Saudi Arabia and Russia are cutting petroleum output to lift prices, and Saudi Arabia reportedly needs about $85 per barrel to balance its budget.

- Date: 2023-10-27 · published 2023-10-27T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/15270-petroleum-s-influence-on-crop-prices-increases-the-western-producer
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Crude oil moves feed-related oilseed and vegetable oil prices through biofuel demand, so OPEC+ supply cuts support both crude and soybean oil prices.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-11-02 | [Petroleum increases its influence on crop prices \| The Western Producer](https://feedsoft.ai/events/15260-petroleum-increases-its-influence-on-crop-prices-the-western-producer.md) | -6.4% | -6.3% |
| WTI | 2016-12-14 | [Vegetable oil prices follow petroleum prices higher after OPEC refuses to boost production  : The Daily Digest](https://feedsoft.ai/events/73554-vegetable-oil-prices-follow-petroleum-prices-higher-after-opec-refuses-to-boost.md) | -1.4% | +0.0% |
| WTI | 2023-07-26 | [The increase in the price of oil led to an increase in the prices of gas and nitrogen fertilizers](https://feedsoft.ai/events/7009-the-increase-in-the-price-of-oil-led-to-an-increase-in-the-prices-of-gas-and.md) | +2.1% | +0.7% |
| WTI | 2026-04-30 | [Ringgit closes lower on volatile oil prices \| The Star](https://feedsoft.ai/events/19961-ringgit-closes-lower-on-volatile-oil-prices-the-star.md) | -10.8% | -16.4% |
| WTI | 2018-04-30 | [Will oil prices be the trigger that wakes the inflation beast? - Financial Post](https://feedsoft.ai/events/65433-will-oil-prices-be-the-trigger-that-wakes-the-inflation-beast-financial-post.md) | +2.4% | -0.3% |
| SBO | 2023-11-02 | [Petroleum increases its influence on crop prices \| The Western Producer](https://feedsoft.ai/events/15260-petroleum-increases-its-influence-on-crop-prices-the-western-producer.md) | +2.0% | +8.1% |
| SBO | 2016-12-14 | [Vegetable oil prices follow petroleum prices higher after OPEC refuses to boost production  : The Daily Digest](https://feedsoft.ai/events/73554-vegetable-oil-prices-follow-petroleum-prices-higher-after-opec-refuses-to-boost.md) | -1.4% | -2.0% |
| SBO | 2016-12-05 | [The good oil on grain prices… - Grain Central](https://feedsoft.ai/events/73542-the-good-oil-on-grain-prices-grain-central.md) | -2.1% | -7.8% |

## Sources

- producer.com: https://www.producer.com/news/petroleums-influence-on-crop-prices-increases/

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