World sunflower oil prices up more than 15% after russia scraps grain deal

The FAO Vegetable Oils Price Index averaged 129.8 points in July, 14 points (12.1%) above its June value and the first gain after an uninterrupted seven-month period of decline.

The Food and Agriculture Organization of the United Nations (FAO) said in its August report.

“This significant increase recorded in July is attributed to higher global quotations for sunflower, palm, soybean and rapeseed oil. World sunflower oil prices increased by more than 15 percent from the previous month, mainly due to uncertainty over export supplies from the Black Sea region following the Russian Federation’s decision to withdraw from the Black Sea Grain Initiative,” the report said.” the report said.

Global palm oil prices rose markedly amid a projected slowdown in production growth in leading producing countries. For soybean and rapeseed oil, global prices rose on the back of continued concerns over soybean crop forecasts in the United States and Canada. Higher vegetable oil prices were also helped by an increase in global crude oil quotations.

As a reminder, in 2023, a slight expansion of the sowing area of high-oleic sunflower is expected – up to 358 thousand hectares (+5%), which may have a positive impact on the future yield of the oilseed crop.

Tags: sunflower oil, prices