The FAO Vegetable Oils Price Index averaged 120 points in October, down 0.7 percent from the previous month, the organization said. The decline continued for the third consecutive month.
“The slight decline in the vegetable oil index mainly reflected the fall in global palm oil prices, despite rising prices for soya, sunflower and rapeseed oil,” FAO experts explained.
Palm oil quotations fell on the back of seasonal production growth in the leading producing countries, as well as a result of sluggish global import demand.
In addition, last month sunflower oil slightly increased in price after a partial recovery in demand.
Rapeseed oil prices rose due to unfavorable forecasts for the canola crop in Canada.
World soybean oil prices increased after two months of decline. The growth was driven by strong demand for the product from the biofuels sector, especially in the US.
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