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Bloomberg reports that the push for greener fuels is colliding with rising food prices as countries recover from the pandemic. Corn, soybeans, palm oil and sugar are being processed into biofuels, adding to a broad commodities rally.
Central banks face pressure over inflation.
Biofuel-driven demand for feedstocks is pushing up corn, soybean oil and palm oil prices, which raises feed and food costs.
energyconnects.comBloombergMay 21, 2021After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% 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.
