In July, the average value of the FAO Vegetable Oils Price Index rose for the first time in the last 7 months – up to 129.8 points, which is 12.1% above the level of June, the press service of the organization said.
“This significant increase is attributed to higher global quotations for sunflower, palm, soybean and rapeseed oils. The strengthening was also facilitated by an increase in world prices for crude oil,” the experts explained.
Thus, last month sunflower oil rose in price by more than 15% against the background of suspension of the “grain deal” and, as a consequence, uncertainties with export supplies from the Black Sea region.
Quotes for palm oil also increased significantly after the expected slowdown in production growth in the leading producing countries.
At the same time, global prices for soybean and rapeseed oil increased due to concerns about the views on the harvest of soybean in the United States and rapeseed in Canada.