Global vegetable oil prices rise in October on higher soybean and sunflower oil quotations — FAO

Global vegetable oil prices recorded a slight increase in October 2026. According to the Food and Agriculture Organization of the United Nations (FAO), the FAO Vegetable Oil Price Index averaged 199.2 points, up 0.6 points, or 0.3%, from September. The increase was mainly driven by higher soybean and sunflower oil prices, which offset a decline in rapeseed oil quotations. Meanwhile, palm oil prices remained virtually unchanged.

Global soybean oil quotations reached their highest level since late 2022 in October. The main drivers were persistently strong demand from the biofuel industry and a seasonal reduction in soybean oil supplies from South America. Demand for biofuel feedstocks continues to support prices despite mixed trends across other segments of the global vegetable oil market.

Sunflower oil prices also recovered after previously falling to their lowest levels in several months. According to FAO, the main factors behind the increase were limited export supplies from the Black Sea region and ongoing logistical difficulties that continue to constrain international shipments. Meanwhile, global palm oil prices remained largely unchanged in October, although they were still significantly higher than a year earlier. Prices were supported by steady import demand, improved price competitiveness of palm oil relative to other vegetable oils and expectations of lower production in major Southeast Asian producing countries during the 2026/27 season.

Unlike other major vegetable oils, global rapeseed oil quotations declined in October. The decrease was attributed to a seasonal increase in supplies and weaker-than-expected demand for biodiesel feedstocks, particularly in the European Union. Overall, global vegetable oil markets showed mixed trends in October: higher soybean and sunflower oil prices drove a modest increase in the FAO index, while greater rapeseed oil availability limited further gains.

Tags: sunflower oil, vegetable oils, soybean oil, Black Sea region, edible oils, FAO