Vegetable oil, which has risen in price by 75% in Armenia may fall in price

Due to favorable weather conditions in Ukraine and Russia, the sunflower harvest will increase significantly, which will reduce prices for other types of vegetable oil. Vegetable oil may fall in price around the world next year, according to the Canadian agricultural publication The Western Producer. The publication cites data from the United States Department of Agriculture (USDA), where for the season 2021/22 (September - August) they predict an increase in the yield of all major oilseeds: palm oil - by 3.1 million tons, sunflower - by 2.6 million, soybean - by 1.86 million and rapeseed - by 0.2 million. Thus, the total production of vegetable oil will grow by 7.75 million. Consumption will also grow, but at a slower pace (by over 5 million). This will result in a 2.7 million tonne surplus on the market. Moreover, especially favorable conditions will develop specifically for sunflower (and in Armenia and other post-Soviet countries it is mainly sunflower oil that is consumed). ...