World Prices for Vegetable Oils Reach Highest Level Since July 2022

World prices for vegetable oils continued to rise in April and reached the highest level since July 2022. This is evidenced by the data of the FAO Price Index.

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The average value of the index in April was 193.9 points, which is 10.9 points (+5.9%) higher than in March. Growth was recorded for all key types of oils – palm, soybean, sunflower, and rapeseed.

The main driver of the increase was palm oil, the prices of which have been rising for the fifth consecutive month. This is due to the expected increase in demand from the biofuel sector, supported by state policies in producing countries, as well as the rise in oil prices. Additional pressure on the market is created by concerns about seasonal production cuts in Southeast Asian countries.

Prices for soybean and rapeseed oil also rose due to active demand from biofuel producers in the United States and the European Union.

At the same time, sunflower oil prices are supported by limited supply in the Black Sea region. Meanwhile, there is some weakening of prices in Argentina against the backdrop of increased processing and growing export stocks.

Tags: Vegetable Oil, FAO