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The New Silk Road Monitor's April 9 roundup reports Suez Canal toll rebates for certain containerships, a two-week unilateral ceasefire by the Saudi-led coalition in Yemen, and a Saudi-Russia agreement in principle on large oil production cuts. Oil prices spiked and then gave back most gains on the day.
The OPEC+ production cut deal supports crude and energy prices, which feed into biofuel economics and freight costs for grains and oilseeds.
newsilkroadmonitor.comrootApr 9, 2020After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
After 144 past geopolitics events, Soybean Oil moved a median +0.6% over 5 sessions (56% higher; middle half -1.9% to +3.2%), and -0.6% 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.
