Disruptions to crude oil supplies wrought by the conflict are boosting the appeal of crop-based biofuels, lifting demand for vegetable oils and corn. Palm oil jumped the most since 2022, when top grower Indonesia halted exports. Chicago futures of soybean oil, palm’s closest substitute, rose as much as 5%, up for an 11th day and headed for the longest run of gains since 2008. The most actively traded soybean meal futures on the Dalian Commodity Exchange rallied as much as 6% to 3,066 yuan per tonne while palm also rose to hit a daily limit. “The US consumer could see this immediately on prices at the pump, then in food inflation if shipping and fertiliser prices remain firm,” Davis said.

Source: The Star March 10, 2026 11:50 UTC