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Palm and soybean oil prices rose as crude oil recovered on renewed Middle East tensions after Hamas rejected a Gaza truce proposal and Hezbollah attacked Israel. October Brent rose 4% to $79 and Chicago December soyoil gained 4.4% over the week, while Bursa palm oil futures rose 5.1%, their largest weekly gain since mid-2023.
Higher crude lifts biofuel economics and draws vegoil demand, while Malaysian exports falling 16-18% in August and Indonesia's planned biodiesel blend increase tighten palm supply, supporting vegoil prices.
ukragroconsult.comAug 26, 2024After 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 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
