Palm oil futures hit four-month high as Black Sea tensions escalate

Palm oil futures on Malaysia’s commodity exchange closed up 3.9% at a four-month high MR4,043/mt ($888/mt) on July 20, driven by the breakdown of the Black Sea grain corridor, strong demand from key destinations and rising premiums of soybean and sunflower oils. Crude palm oil futures mirrored sharp jumps in competing markets as tensions escalated between Russia and Ukraine, market…