FAO vegetable oil index rose again

Published 2020년 8월 18일

Tridge summary

The FAO vegetable oil index experienced a significant increase of 8% in July, reaching a five-month high of 93 points, primarily due to higher prices of palm, soybean, and rapeseed oils. Palm oil prices were influenced by potential production slowdowns in key countries due to floods, high global import demand, and labor shortages in Malaysia. Rapeseed oil prices were driven by increased demand in the EU's biodiesel and food sectors. Despite concerns about crop prospects in several areas and a weaker US dollar, wheat and barley prices remained stable, while corn and sorghum prices increased due to Chinese purchases and US growing condition concerns. Rice prices, however, saw a decline with stable trade and expectations of a large 2020 harvest.

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Original content

08/18/2020 | 11:27:00 | ID: 29091 | Department: Agriculture | Agrarwirtschaft Berlin (agrar-PR) - Fixed palm, soybean and rapeseed oil prices pushed the FAO price index for vegetable oils further up in July. The grain index is almost unchanged at the previous month's level. The FAO vegetable oil index, which shows the price development of the ten most important vegetable oils for world trade, rose to 93 points in July, an increase of 7 points or 8% compared to the previous month and a five-month high. The rising index was triggered by firm palm, soybean and rapeseed oil prices. Palm oil benefited from the prospect of a slowdown in production in the main producing countries as a result of floods. A further boost came from high global import demand and ongoing worries over labor shortages in Malaysia. Rapeseed oil was supported by rising demand from the biodiesel and food sectors in the EU, while the grain price index in July was 97 points, at the previous month's level. Wheat ...

Source: Agrar