Decline in oil prices stopped the growth of prices for vegetable oils, but sunseed in Ukraine continues to rise in price

In the October report, USDA experts left the forecast of global vegetable oil production in MY 2024/25 at 227.12 mln tonnes (222.42 mln tonnes in MY 2023/24, 216.8 mln tonnes in MY 2022/23 and 208.62 mln tonnes in MY 2021/22), as the slight decrease in palm oil production is offset by the increase in sunflower and rapeseed oil production. However, as a result of the balance sheet adjustment for MY 2023/24, palm oil stocks were reduced by 1.5 mln tonnes, resulting in the reduction of the global ending stocks estimate from 30.36 mln tonnes to 28.8 mln tonnes (compared to 30.29 mln tonnes in the previous season). This significantly supported the price of palm oil in Malaysia, where on Friday on the data of the report, the December futures rose by 2.8% to 4350 ringgit/t or 1015 $/t, but yesterday amid falling oil prices fell by 0.9% to 4313 ringgit/t or 1006 $/t. December futures for Brent crude oil yesterday fell 2.6% to 77 $/barrel and continue to fall on negative statistics from ...