# Agricultural sector is an oily business - Manitoba Co-operator

> 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.

- Date: 2024-03-25 · published 2024-03-25T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/31315-agricultural-sector-is-an-oily-business-manitoba-co-operator
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- PALMOIL: bullish ▲

## Sources

- manitobacooperator.ca: https://www.manitobacooperator.ca/markets/agricultural-sector-is-an-oily-business/

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