(March 9): Chicago soybean oil prices futures surged more than 4% at the open, as a spike in energy prices driven by the conflict in the Middle East lifts demand for crops used in biofuel production.
Crude oil broke through US$100 a barrel on Monday (March 9) as more major Middle Eastern producers curbed production and the Strait of Hormuz remained all but closed. That is raising prices for vegetable oils and grains used in crop-based fuels.
Wheat futures also extended gains after jumping the most since 2024 on Friday. The war is disrupting flows of fertiliser and pushing up freight costs, lending support across grain markets.
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