Global vegetable oil prices rose 7.5% in November, FAO says

Published 2024년 12월 11일

Tridge summary

Global vegetable oil prices saw a 7.5% increase in November, reaching their highest level since July 2022 due to higher quotations for palm, rapeseed, soybean, and sunflower oils. The rise in international palm oil prices, for the sixth consecutive month, is attributed to concerns over lower global production due to excessive rainfall in South-East Asia. Additionally, global soybean oil prices increased due to high global import demand, while rapeseed and sunflower oil prices rose due to prospects for reduced global supply in their markets. The FAO Food Price Index averaged 127.5 points in November 2024, 0.5% above its October level, driven by higher quotations for dairy products and vegetable oils, and was 5.7% above its corresponding value a year ago.

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Original content

Global vegetable oil prices rose 7.5 per cent in November from the previous month to reach their highest level since July 2022, according to the Food Price Index compiled by the Food and Agriculture Organization of the United Nations (FAO). This increase was driven by higher quotations for palm, rapeseed, soybean and sunflower oils. International palm oil prices rose for the sixth consecutive month and remained at a premium to alternative oils, due to persistent concerns about lower-than-expected global production due to excessive rainfall in South-East Asia. Meanwhile, global soybean oil prices also continued to rise, mainly due to high global import demand. Similarly, rapeseed and sunflower oil prices rose, reflecting prospects for reduced global supply in their respective markets. FAO World Prices The FAO Food Price Index averaged 127.5 points in November 2024, 0.5 percent above its October level, reaching its highest value since April 2023. The increase was driven by ...

Source: Agropopular