Ukraine: Vegetable oil prices stepped up on active demand and rising crude oil

Published 2021년 11월 4일

Tridge summary

The FAO Vegetable Oil Price Index reached a record high of 184.8 points in October, a 9.6% increase from the previous month, driven by higher prices for palm, soy, sunflower, and rapeseed oils. The rise in international palm oil prices is due to concerns over reduced output in Malaysia because of migrant labor shortages, while global import demand, especially from India, has also contributed to the price increase. The strength in rapeseed oil prices is attributed to ongoing global supply-demand issues, and the support from rising crude oil prices.

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Original content

The FAO Vegetable Oil Price Index averaged 184.8 points in October, up 16.3 points (or 9.6%) month-on-month and marking an all-time high. "The increase was driven by firmer price quotations for palm, soy, sunflower and rapeseed oils. International palm oil prices increased for a fourth consecutive month in October, largely underpinned by persisting concerns over subdued output in Malaysia due to ongoing migrant labour shortages," the report reads. In the meantime, world prices of palm, soy and sunflower oils received support from reviving global import demand, particularly from India that lowered import tariffs further on edible oils. As for rapeseed oil, the continued strength in international values chiefly stemmed from protracted global supply-demand tightness. Noticeably, rising crude oil prices ...

Source: Latifundist