In June, the average value of the FAO Vegetable Oil Price Index continued to decline to 115.8 points, down 2.4 percent from May, according to the organization’s press service. The current figure is the weakest since November 2020.
“The continuing decline of the index is due to the fall in world prices of palm and sunflower oils against a slight increase in the quotations of soybean and rapeseed oils,” explains the experts.
Thus, last month the prices for palm oil decreased for the second time in a row against the background of weak import demand and the seasonal increase in the output of the product in major producing countries.
Sunflower oil prices also continued to fall against significant supply on the market.
At the same time world prices for soybean oil, on the contrary, rose for the first time over the last several months due to concerns over drought in a number of regions in the USA.
Prices for rapeseed oil began to recover due to unfavorable weather conditions in some areas of Canada and Europe.