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A Manitoba Co-operator column reported that WTI crude hit a four-month high in mid-March after an IEA demand forecast and Ukrainian drone strikes on Russian refineries. Malaysian palm oil reached its highest level in the past year on weather concerns and dwindling stocks.
The column also flagged possible trade-flow effects from new EU deforestation rules.
Higher crude prices and tight palm oil stocks support vegetable oil prices and add to the cost of biofuel feedstocks. Those factors can also lift soybean oil and canola oil prices.
manitobacooperator.caPhil Franz-WarkentinMar 25, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
