Everything, “I Don’t Care if It’s Oil or Gas or Coal or Copper or Aluminum; You Name It We’re Out of It.” Tribulation In Play

This week, the price of edible oil rose, raising concerns about the possibility of food costs reaching new highs. Commodities used in hundreds of food goods, such as soybean oil, saw their highest levels since 2008 on Wednesday. To the highest level since 2008, soybean prices rose by 1.4% to 71 cents per pound. Both US canola futures and Malaysian palm oil reached fresh all-time highs this week, with the former reaching $1,434 a metric ton. Drought has harmed this season’s soybean harvests in South America. Palm and canola, their rival oil-seeds, have also been hit hard by poor weather and a lack of workers. Sunflower oil supplies from Russia and Ukraine might be jeopardized due to rising political tensions, according to Bloomberg. According to CGS-CIMB Securities’ regional head of plantation research, Ivy Ng: Supply-side difficulties “impact all the primary…

Loading

Read More