How strength in soybean and palm oil prices are linked to the Black Sea conflict

Palm oil, the most widely used vegoil globally, is usually cheaper than the others but has recently become the most expensive for the first time. Read full story The events in Ukraine have steepened prices, but palm oil’s climb began in 2020 along with other commodities.

FORT COLLINS: Ukraine and Russia are both known as top grain suppliers, but with the ongoing war and loss of exports out of the region, soybean prices have also jumped and not everyone is fully seeing the connection.

Neither country produces significant quantities of the oilseed, especially when compared with soybean giants Brazil and the United States. But the global vegetable oil market was already in a tight supply situation prior to the escalation of Black Sea tensions.